Telix to buy radioisotope tech company ARTMS

March 5, 2024

Telix Pharmaceuticals has entered into an agreement to acquire Canadian radioisotope production technology company ARTMS, in a deal that further firms up Telix's diagnostic isotopes supply chain.

The deal will give the Australian biotech ARTMS' advanced cyclotron-based isotope production platform, manufacturing plant and stockpile of ultra-pure rare metals required for consumable target production. In exchange, Telix will give ARTMS $42.5 million upfront, $15 million at closing and a possible $24.5 million in future milestone payments.

ARTMS’ cyclotron-based isotope production system is designed to support high efficiency and cost-effective production of commercially important medical isotopes including zirconium-89, gallium-68, technetium‐99m and copper-64. Additionally, according to Telix, ARTMS’ portfolio of advanced cyclotron technologies will aid in the future production of commercially important alpha-emitting, therapeutic isotopes, including actinium-225 and astatine-211.

Importantly, Telix says the acquisition will support the large-scale U.S. production of its positron emission tomography (PET) imaging agent, Zircaix, should the asset win approval. The kidney cancer imaging agent is currently in the hands of U.S. regulators.

Telix has been on a deal-making run, signing an agreement last week to acquire Texas-based IsoTherapeutics Group. The deal will expand Telix’s U.S. manufacturing footprint with a site that includes a GMP cleanroom and production infrastructure suitable for clinical use. Back in November, Telix revealed the proposed acquisition of QSAM Biosciences, eyeing the company's lead radiopharmaceutical asset for bone cancer. The deal, which could exceed $123 million, was made official in February.