Full Press Release Details
Melbourne (Australia) | 9 April 2024
Telix, today announces the completion of the acquisition of IsoTherapeutics 1 .
IsoTherapeutics is a privately held, commercial-stage company that provides radiochemistry and bioconjugation development and contract manufacturing services to numerous companies in the radiopharmaceutical industry, including Telix. The acquisition further enhances Telix’s in-house development capabilities and expands Telix’s United States (U.S.) manufacturing footprint with particular focus on bioconjugation and isotope processing.
Dr Christian Behrenbruch, Managing Director and Group CEO of Telix said, “The acquisition of IsoTherapeutics is a significant milestone in Telix’s continued focus on vertical integration of development, supply and manufacturing and is highly complementary to Optimal Tracers (Sacramento, California), ARTMS (Vancouver) 2 and our extensive commercial manufacturing infrastructure in Belgium. In the IsoTherapeutics team, we have partnered with some of the leading experts in radiochemistry and I am excited at what we can achieve together going forward.”
Transaction Terms
The upfront consideration value is US$8.1 million (approximately AU$12.5 million) of which US$6 million (approximately AU$9.2 million) has been paid in equity through the issue of 717,587 fully paid ordinary Telix shares at AU$12.72 per share 3 , with US$2.1 million (approximately AU$3.3 million) paid in cash 4 .
A further US$5.0 million (approximately AU$7.6 million) is payable in cash for performance-related milestone payments that are subject to meeting milestone conditions within twelve months of closing. The purchase price also includes a two-year revenue share based on actual revenue earned from existing third-party customers of IsoTherapeutics (total estimated cash payments approximately US$0.6 million (approximately AU$0.9 million). Equity consideration is subject to voluntary escrow conditions.
Read the full ASX release here
• Telix ASX disclosure 27 February 2024. ↩︎
• Telix ASX disclosure 5 March 2024. Subject to completion. ↩︎
• Refer to the Appendix 2A lodged with ASX today for further details. ↩︎
• Assumes an AUD/USD exchange rate of 0.6586 (used throughout this announcement). ↩︎