Telix Pharmaceuticals ties up purchase of new theranostic candidates
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The news: Telix Pharmaceuticals has wrapped up its acquisition of a suite of new theranostic candidates, targeting fibroblast activation protein (FAP), one of the most promising pan-cancer targets in nuclear medicine.
The numbers: Telix paid €5.3 million ($9.2 million) in cash, in addition to €700,000 up front, and will pay a further €4 million over the next 12 months.
Telix will also pay up to a further €132 million, contingent upon achievement of certain clinical development and regulatory milestones. An additional €20 million will be payable under the licence agreement on achievement of certain commercial milestones, as well as royalties on net sales in the low to mid-single digits.
The context: Telix entered into asset purchase and in-license agreements for the FAP-targeting candidates in November last year. It has signed an exclusive worldwide licence agreement with SCV, a company managed by Frank Rösch who led the development of the candidates, and an asset purchase agreement with German company Medianezia, which holds intellectual property rights to the FAP-targeting assets.
The diagnostic and therapeutic compounds have been clinically validated in over 500 patients and are the subject of multiple peer-review publications, Telix said. The company has added the lead therapeutic compound to its pipeline under the name TLX400, as part of its theranostic development program in bladder cancer.
FAP is a pan-cancer marker expressed in the tumor microenvironment of epithelial cancers and on the surface of some specific cancer types, including sarcomas and mesotheliomas.
The source: ASX
