Telix Agrees to Acquire TheraPharm
December 1, 2020
Rare Daily Staff
Australia-based Telix Pharmaceuticals said it has entered into an agreement with Scintec
Diagnostics to acquire TheraPharm, a Swiss-German biotechnology company developing diagnostics and therapeutics in the field of hematology.
The acquisition of TheraPharm provides Telix with access to a portfolio of patents, technologies, production systems, clinical data, and know-how in relation to the use of Molecularly Targeted Radiation (MTR) in hematology and immunology. TheraPharm is developing antibody MTR technology against CD66, a cell surface target highly expressed by neutrophils (a type of granulocyte, a category of white blood cell) and tumor-infiltrating lymphocytes. The technology has potentially very broad applications in the diagnosis and treatment of hematologic diseases, infection management and a variety of lymphoproliferative diseases. Of particular interest is the demonstrated use of the technology to safely and effectively condition patients prior to bone marrow stem cell transplant.
Following completion of the transaction, Telix will acquire all of the issued capital of TheraPharm via a share sale agreement for an upfront payment of $12.3 (€10.2M) in Telix ordinary shares based on the 10-day volume-weighted average price at the date of completion and $240,000 (€0.2M) completion payment.
Upon successful completion of a phase 3 pivotal registration (approval) trial with 90Y-anti-CD66-MTR that meets the primary endpoint, for the first therapeutic indication only, Telix will pay $6 million (€5.0M). Telix will pay an additional $6 million (€5.0M) cash payment upon approval of 90Yanti-CD66-MTR in either the United States or Europe, for the first therapeutic indication only.
The agreement also calls for a 5 percent royalty calculated on net sales for the first three years of sales of therapeutic products based on 90Y-anti-CD66-MTR from the date of first approval in the United States or European Union.
“Telix is committed to extending and improving the lives of patients with serious diseases. As such, the acquisition of TheraPharm and its MTR assets are uniquely aligned to Telix’s mission and technical strengths in antibody engineering and radiochemistry,” said Christian Behrenbruch, CEO of Telix. “TheraPharm’s technology has a significant role to play in BMC and stem cell transplantation across a broad range of blood cancers and rare diseases. The current approach to BMC employs highly toxic drugs that have a poor morbidity and mortality profile, and for which many patients are ineligible.”
Photo: Christian Behrenbruch, CEO of Telix
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