Telix Pharmaceuticals announced a proposed acquisition of QSAM Biosciences, as the Australian biotech eyes QSAM's lead radiopharmaceutical asset.
According to Texas-based QSAM, the clinical asset, known as CycloSam, has the potential to change the treatment paradigm for bone cancer. The targeted, bone-seeking therapeutic radiopharmaceutical features a form of Samarium-153, a medium energy beta-emitting radioisotope with a short 46-hour half-life, and a superior chelating agent, DOTMP. QSAM has initiated phase 1 clinical trials for CycloSam as a treatment for cancer that has metastasized to the bone from the lung, breast, prostate and other areas.
With the proposed acquisition, Telix seeks to enhance its existing activity in prostate cancer and sarcoma with a goal to provide care from diagnosis to palliative care. Alongside this, there is hope for a broadened pipeline depth in osteosarcoma.
QSAM has already received Orphan Drug and Rare Pediatric Disease designations from the FDA for CycloSam.
The acquisition would include an upfront payment of $2 million from Telix. If the acquisition continues, Telix will pay $33.1 million in equity upon closing and up to $90 million in milestones following the closure.
