Prime Highlights:
Telix secures a US$45 million ($73 million) deal to acquire US-based antibody engineering firm ImaginAb.
The total value of the deal could rise to US$185 million ($299 million) based on development and commercial milestones.
Acquisition provides Telix access to ImaginAb’s innovative therapeutic candidates and proprietary biologics platform, enhancing its drug discovery capabilities.
Key Background:
Telix Pharmaceuticals, a Melbourne-based biotechnology company, has secured a significant acquisition deal with US-based antibody engineering firm ImaginAb, valued at approximately $73 million (US$45 million). The acquisition, which could reach up to US$185 million ($299 million) based on performance milestones, will strengthen Telix’s portfolio of next-generation drug candidates, particularly in the fields of cancer imaging and therapy.
The deal grants Telix access to ImaginAb’s cutting-edge pipeline of therapeutic candidates, including its proprietary biologics technology platform. This acquisition also brings a state-of-the-art protein engineering and research facility located in California, bolstering Telix’s in-house capabilities for antibody engineering and preclinical development. ImaginAb’s innovative technology utilizes small engineered antibody formats, enabling precise cancer targeting and quick tumor uptake while ensuring rapid blood clearance, offering substantial promise for both imaging and radiotherapy.
Telix CEO Dr. Richard Valeix highlighted that the integration of ImaginAb’s advanced discovery platform and skilled team would significantly enhance Telix’s research and innovation capabilities. “This acquisition will enable Telix to explore new disease areas with state-of-the-art radiotherapeutic technology,” he added.
ImaginAb’s intellectual property is centered around engineered antibodies designed to target specific cancer cells. These antibodies are compatible with widely used imaging technologies, including positron emission tomography (PET) and optical imaging, making them ideal for developing highly selective radiopharmaceuticals. The targeted agents are designed to minimize off-target radiation and optimize the pharmacological and radiobiological effects of various radionuclides.
The terms of the acquisition involve an upfront payment of US$10 million in cash and US$31 million in Telix shares, with a deferred payment of up to US$4 million in equity after a 15-month indemnity period. In addition to milestone-based payments, Telix will also pay royalties on net sales for a limited number of products, as well as sublicense fees as applicable.
ImaginAb, currently generating revenue, is focused on the development of next-generation radiopharmaceuticals and imaging agents, demonstrating clinical proof-of-concept for its platform. Dr. Anna M. Wu, co-founder and director of ImaginAb, expressed confidence that Telix is the right partner to unlock the therapeutic potential of their platform as the radiopharmaceutical sector continues to expand. This strategic acquisition positions Telix to further extend its leadership in radiopharmaceuticals and antibody engineering, offering new opportunities in cancer therapy and diagnostic imaging.