Telix Pharmaceuticals Limited has entered into an agreement to acquire IsoTherapeutics Group, LLC, a specialty radiopharmaceutical development and bioconjugation firm, based in Angleton, Texas.
 
Founded in 2005, IsoTherapeutics is a privately held, commercial-stage company, which provides radiochemistry and bioconjugation development and contract manufacturing services to many companies in the radiopharmaceutical industry, including Telix.
 
In line with Telix’s continued investment in the vertical integration of supply chain, manufacturing and development capabilities, the acquisition is expected to further enhance Telix’s in-house drug development capabilities.
 
The acquisition will also expand Telix’s U.S. manufacturing footprint with a site that includes a GMP clean room and production infrastructure suitable for clinical use.
 
The purchase price comprises:
 

• US$8 million (AU$12.2 million) upfront, which is payable at closing in the form of US$2 million (AU$3.0 million in cash) and US$6 million (AU$9.2 million) in ordinary shares, equating to approximately 823,481 shares
• US$5 million (AU$7.6 million) performance-related milestone payments, payable in cash, that are subject to meeting milestone conditions within twelve months of closing, and
• A two-year revenue share based on actual revenue earned from existing customers of IsoTherapeutics (total estimated cash payments ~US$0.6 million (AU$0.9 million).

 
Dr. Christian Behrenbruch, Managing Director and Group CEO of Telix, said, “With the agreement to acquire IsoTherapeutics I am pleased to welcome a team of highly recognized industry leaders in bioconjugation and radiochemistry to Telix, as well as further expand our manufacturing footprint in the U.S.. This acquisition enhances our business with highly-sought-after skills, capabilities and facilities that are very much central to our development activities.”
 
Dr. R. Keith Frank, President and CEO of IsoTherapeutics, said, “Telix is a valued business partner and we have established a close working relationship and in-depth technical knowledge of their development and manufacturing requirements and goals. The opportunity to now become part of the Telix Group of companies, a global leader in the field, provides an excellent platform for our employees, partners and customers to continue to expand the expertise and facilities at IsoTherapeutics.”

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