Telix Pharmaceutical shares up as it expands into Canada
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More news: Telix Pharmaceutical shares were up 2.28% to $12.13 by 2:30pm AEDT, following news that it is expanding into Canada by acquiring ARTMS.
Telix is set to buy the radioisotope production technology firm for $125.9 million.
Telix Pharmaceuticals to acquire Canadian radioisotope tech firm ARTMS for $126m
The news: Telix Pharmaceuticals is set to acquire Canadian-based radioisotope production technology firm ARTMS Inc for $125.9 million.
The numbers: The purchase consists of $65.3 million in Telix ordinary shares, $23 million in cash, and $37.6 million in contingent future earn out payments in cash.
The context: ASX-listed Telix is a cancer and rare disease biopharmaceutical company that uses radioactive isotope as a payload.
ARTMS is a venture capital-backed company specialising in physics, chemistry and materials science of cyclotron-produced radionuclides. The acquisition is expected to enhance Telix’s supply chain and manufacturing in diagnostic isotopes.
As part of the acquisition, Telix will acquire ARTMS’ production facility and clean rooms in Burnaby, Canada.
Telix is headquartered in Melbourne with operations in the US, Belgium, Switzerland, and Japan.
What they said: Telix managing director and group CEO Dr. Christian Behrenbruch said ARTMS had been a trailblazer in the field of ‘next generation’ cyclotron-based isotope production systems.
“It is our hope that by closely aligning this powerful technology with pharmaceutical development, we will transform the cost, market access and utility of diagnostic and therapeutic radiopharmaceuticals”.
ARTMS CEO Doug Gentilcore said: “Our aim has always been to ensure key isotopes are available on demand to the populations that need them most, and joining forces with Telix is the ideal was to realise this ambition”.
The source: ASX announcement
