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Telix Pharmaceuticals Ltd (ASX:TLX) is adding to its portfolio of early-stage drug candidates, in addition to a suite of other assets, through a $73 million asset buy agreement with antibody engineering company ImaginAb, Inc.
A further $299 million will also be due (in cash or equity) once Telix hits specific key development and commercial milestones after the deal is struck.
The purchased drug candidates can be described as ‘next generation,’ including some targeting surface-cell proteins such as DLL3, which is overexpressed in high-grade neuroendocrine tumors and small-cell lung cancer, and integrin αvβ6, which is overexpressed during wound healing and in cancer.
With many of these target issues at early discovery stage, Telix’s ability to carry on its focus on expanding into future therapy areas to meet critical needs.
Additionally, these candidates also utilise small-engineered antibody formats that allow for highly specific cancer targeting, together with fast tumor uptake and blood clearance.
Through its $372M ImaginAb agreement, Telix will also take on a state-of-the-art research facility in California and a proprietary novel biologics technology platform.
Therapeutics CEO Richard Valeix said these acquisitions worked well within Telix’s plans for the future.
“The combination of a proprietary drug discovery platform, pipeline of promising theranostic assets, and a talented team of subject matter experts will enhance Telix’s research and innovation capability now and into the future,” he said.
“This acquisition will enable Telix to explore new disease areas with state-of-the-art radiotherapeutic technology.”
TLX shares rose following the news, and at 14:12 AEDT, they were trading at $24.05 – a rise of 0.25% since the market opened.
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