Telix Pharmaceuticals Acquires Next-Gen Therapeutic Assets from ImaginAb
Deal News | Jan 12, 2025 | PR Newswire Cision Telix Pharmaceuticals Limited
Telix Pharmaceuticals Limited has announced the acquisition of a pipeline of next-generation therapeutic candidates and a biologics technology platform from ImaginAb, Inc. for $45 million. This includes a California-based research facility focused on antibody engineering and preclinical development. This strategic purchase aims to advance Telix's capabilities in precision medicine, potentially allowing them to explore new therapeutic areas. The transaction incorporates cash and equity payments, with potential additional milestone payments up to $185 million. Traditional regulatory and third-party approvals are pending. ImaginAb will retain its focus on its existing product portfolio, including its CD8 ImmunoPET imaging candidate.
Sectors
- Biopharmaceutical Industry
- Biotechnology Industry
- Medical Technology
Geography
- Australia – Telix Pharmaceuticals Limited is an Australian company headquartered in Melbourne, which is significant given its leading role in this acquisition.
- United States – ImaginAb, Inc. is based in the U.S., and the acquired facilities are located in California, highlighting the cross-continental nature of the transaction.
Industry
- Biopharmaceutical Industry – This sector is focused on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals as evidenced by Telix Pharmaceuticals' operations in this field.
- Biotechnology Industry – The biotechnology industry is relevant here owing to ImaginAb's specialization in engineered antibodies and novel biologics technology, as part of the transaction with Telix.
- Medical Technology – This relates to the development of cutting-edge medical technologies, including novel targeting agents and radiopharmaceuticals, which are central to the deal between Telix and ImaginAb.
Financials
- US$45 million – The initial purchase price for the asset acquisition, consisting of cash and equity.
- US$185 million – Potential additional payments upon achievement of development and commercial milestones.
- US$10 million – Amount payable in cash at the closing of the transaction.
- US$31 million – Amount payable in equity at the closing of the transaction.
- US$4 million – Deferred payment in equity subject to completion of a 15-month indemnity period.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Telix Pharmaceuticals Limited | Bidding Company | Company | Telix is a biopharmaceutical company focused on the development of radiopharmaceuticals for therapeutic and diagnostic purposes. |
| ImaginAb, Inc. | Target Company | Company | ImaginAb is a clinical-stage biotechnology firm specializing in the development of radionuclide agents and imaging products. |
| Jefferies LLC | Financial Advisor | Company | Jefferies LLC served as a financial advisor to ImaginAb in this transaction. |
| Stifel, Nicolaus & Company, Incorporated | Financial Advisor | Company | Stifel provided financial advisory services to ImaginAb for the transaction. |
| Dr. Christian Behrenbruch | Managing Director and Group CEO of Telix | Person | Dr. Behrenbruch is involved in Telix’s leadership but abstained from this transaction due to a personal investment in ImaginAb. |
| Dr. Anna M. Wu | Co-Founder and Board Member of ImaginAb | Person | Dr. Wu is linked to ImaginAb and emphasized the importance of advanced radiopharmaceuticals. |