Telix Completes Acquisition of Next-Generation Therapeutic Assets and Innovative Biologics Technology Platform
Telix Pharmaceuticals has completed the acquisition of ImaginAb, securing next-generation therapeutic candidates and a proprietary biologics technology platform. The transaction, valued at US$45 million upfront, includes a pipeline of drug candidates targeting cancer markers DLL3 and integrin αvβ6, along with a research facility in Los Angeles.
The deal structure comprises US$10 million in cash, US$31 million in equity (2,053,311 Telix shares at AU$24.3745), and a deferred payment of up to US$4 million. Additional milestone payments of up to US$185 million may be paid upon achieving specific development and commercial targets. The acquisition brings advanced protein engineering capabilities and a specialized research team to Telix's existing operations.
The technology platform features engineered antibody formats enabling precise cancer targeting with radiation, characterized by rapid tumor uptake and blood clearance. This acquisition enhances Telix's ability to develop next-generation theranostic radiopharmaceuticals.
Telix Pharmaceuticals ha completato l'acquisizione di ImaginAb, assicurandosi candidati terapeutici di nuova generazione e una piattaforma tecnologica biologica proprietaria. La transazione, valutata 45 milioni di dollari USA in anticipo, include un pipeline di candidati farmaceutici mirati a marcatori tumorali come DLL3 e integrina αvβ6, insieme a un impianto di ricerca a Los Angeles.
La struttura dell'affare comprende 10 milioni di dollari USA in contante, 31 milioni di dollari USA in capitale (2.053.311 azioni Telix a AU$24,3745), e un pagamento differito fino a 4 milioni di dollari USA. Ulteriori pagamenti legati a traguardi fino a 185 milioni di dollari USA possono essere effettuati al raggiungimento di specifici obiettivi di sviluppo e commerciali. L'acquisizione porta a Telix capacità avanzate di ingegneria proteica e un team di ricerca specializzato nelle operazioni esistenti di Telix.
La piattaforma tecnologica presenta formati di anticorpi ingegnerizzati che consentono un targeting preciso del cancro con radiazioni, caratterizzati da una rapida assimilazione del tumore e da una clearance ematica veloce. Questa acquisizione migliora la capacità di Telix di sviluppare radiopharmaceuticals theranostici di nuova generazione.
Telix Pharmaceuticals ha completado la adquisición de ImaginAb, asegurando candidatos terapéuticos de próxima generación y una plataforma tecnológica biológica propietaria. La transacción, valorada en 45 millones de dólares estadounidenses por adelantado, incluye una cartera de candidatos a fármacos dirigidos a marcadores de cáncer DLL3 e integrina αvβ6, junto con una instalación de investigación en Los Ángeles.
La estructura del acuerdo comprende 10 millones de dólares en efectivo, 31 millones de dólares en acciones (2,053,311 acciones de Telix a AU$24.3745), y un pago diferido de hasta 4 millones de dólares. Pagos adicionales por hitos de hasta 185 millones de dólares pueden ser pagados al alcanzar objetivos específicos de desarrollo y comerciales. La adquisición aporta capacidades avanzadas de ingeniería proteica y un equipo de investigación especializado a las operaciones existentes de Telix.
La plataforma tecnológica presenta formatos de anticuerpos diseñados que permiten una orientación precisa del cáncer con radiación, caracterizados por una rápida captación del tumor y una rápida eliminación en sangre. Esta adquisición mejora la capacidad de Telix para desarrollar radiofármacos teranósticos de próxima generación.
Telix Pharmaceuticals는 ImaginAb의 인수를 완료하여 차세대 치료 후보와 독점 생물학 기술 플랫폼을 확보했습니다. 이 거래는 4,500만 달러의 선불 가치가 있으며, 암 표적인 DLL3 및 인테그린 αvβ6를 타겟으로 하는 후보 약물 파이프라인과 로스앤젤레스에 있는 연구 시설을 포함합니다.
거래 구조에는 1천만 달러의 현금, 3천1백만 달러의 자본(2,053,311 Telix 주식, AU$24.3745), 및 최대 400만 달러의 지연 지급이 포함됩니다. 특정 개발 및 상업적 목표를 달성할 경우 1억 8,500만 달러의 추가 이정표 지급이 이루어질 수 있습니다. 이 인수는 Telix의 기존 운영에 고급 단백질 엔지니어링 능력과 전문 연구 팀을 추가합니다.
이 기술 플랫폼은 방사선으로 암을 정밀하게 타겟팅할 수 있는 개조된 항체 형식을 특징으로 하며, 빠른 종양 흡수 및 혈액 배출이 특징입니다. 이 인수는 Telix가 차세대 치료 진단 방사선 의약품을 개발하는 능력을 향상시킵니다.
Telix Pharmaceuticals a finalisé l'acquisition d'ImaginAb, sécurisant ainsi des candidats thérapeutiques de nouvelle génération et une plateforme technologique biologique propriétaire. La transaction, d'une valeur de 45 millions de dollars américains à l'avance, comprend un pipeline de candidats médicaments ciblant les marqueurs du cancer DLL3 et intégrine αvβ6, ainsi qu'une installation de recherche à Los Angeles.
La structure de l'accord inclut 10 millions de dollars américains en espèces, 31 millions de dollars américains en capital (2 053 311 actions Telix à AU$24,3745) et un paiement différé pouvant aller jusqu'à 4 millions de dollars américains. Des paiements d'étape supplémentaires allant jusqu'à 185 millions de dollars peuvent être effectués à l'atteinte d'objectifs spécifiques de développement et commerciaux. L'acquisition apporte à Telix des capacités avancées d'ingénierie protéique et une équipe de recherche spécialisée dans les opérations existantes de Telix.
La plateforme technologique présente des formats d'anticorps modifiés permettant un ciblage précis des cancers par radiation, caractérisés par une rapide absorption tumorale et une élimination sanguine rapide. Cette acquisition renforce la capacité de Telix à développer des radio-pharmaceutiques théranostiques de nouvelle génération.
Telix Pharmaceuticals hat die Übernahme von ImaginAb abgeschlossen und sich Kandidaten für therapeutische Anwendungen der nächsten Generation sowie eine proprietäre biotechnologische Plattform gesichert. Die Transaktion hat einen Wert von 45 Millionen US-Dollar, die im Voraus gezahlt werden, und umfasst eine Pipeline von Arzneimittelkandidaten, die auf die Krebsmarker DLL3 und Integrin αvβ6 abzielen, sowie eine Forschungseinrichtung in Los Angeles.
Die Struktur des Deals umfasst 10 Millionen US-Dollar in bar, 31 Millionen US-Dollar in Aktien (2.053.311 Telix-Aktien zu AU$24,3745) und eine aufgeschobene Zahlung von bis zu 4 Millionen US-Dollar. Zusätzliche Meilensteinzahlungen von bis zu 185 Millionen US-Dollar können bei Erreichung spezifischer Entwicklungs- und Handelsziele fällig werden. Die Übernahme bringt fortschrittliche Fähigkeiten in der Proteinengineering und ein spezialisiertes Forschungsteam in die bestehenden Abläufe von Telix ein.
Die Technologiewelt wird durch konstruierte Antikörperformate gekennzeichnet, die eine präzise Krebsausrichtung mit Strahlung ermöglichen, die durch eine schnelle Tumoraufnahme und Blutclearance gekennzeichnet ist. Diese Übernahme erhöht die Fähigkeit von Telix, radiopharmazeutische Theranostika der nächsten Generation zu entwickeln.
- Acquisition valued at US$45M upfront with potential additional US$185M in milestone payments
- Gained advanced biologics platform and therapeutic pipeline targeting validated cancer markers
- Added state-of-the-art research facility in Los Angeles
- Acquired specialized research team enhancing in-house capabilities
- Technology enables precise cancer targeting with potential for multiple radioisotope applications
- Significant upfront cash payment of US$10M
- Potential shareholder dilution from equity issuance of 2,053,311 shares
- Additional future dilution possible from milestone payments partially payable in equity
- Future royalty obligations on platform and early-stage products
Insights
This strategic acquisition marks a significant expansion of Telix's radiopharmaceutical capabilities with a well-structured deal that preserves cash while maintaining strategic flexibility. The
The deal's structure is particularly noteworthy: the equity component at
From a strategic perspective, this acquisition provides multiple value drivers:
- Enhanced R&D capabilities through the Los Angeles facility integration
- Expanded therapeutic pipeline targeting validated cancer markers
- Advanced biologics platform with potential for rapid development of new radiopharmaceuticals
The milestone payment structure, while substantial at
The acquisition of ImaginAb's platform represents a significant technological leap forward in radiopharmaceutical development. The engineered antibody formats' key characteristics - rapid tumor uptake and blood clearance - are important for optimizing therapeutic efficacy while minimizing off-target effects. This is particularly relevant for alpha emitter applications, where precise targeting is essential for safety and efficacy.
The platform's integration with Telix's existing capabilities creates a comprehensive radiopharmaceutical development ecosystem:
- Enhanced target identification and validation capabilities
- Improved conjugation chemistry through IsoTherapeutics synergies
- Streamlined isotope production and processing
The acquisition of validated targets like DLL3 and integrin αvβ6 provides immediate development opportunities in high-value oncology indications. The platform's versatility in accommodating various radioisotopes positions Telix to rapidly expand its therapeutic portfolio while potentially reducing development timelines and costs.
MELBOURNE, Australia and INDIANAPOLIS, Jan. 31, 2025 (GLOBE NEWSWIRE) -- Telix Pharmaceuticals Limited (ASX: TLX, Nasdaq: TLX, Telix, the Company) today announces it has completed the acquisition from antibody engineering company ImaginAb, Inc. (ImaginAb). The acquisition includes a pipeline of next-generation therapeutic candidates, a proprietary novel biologics technology platform, and a protein engineering and discovery research facility to enhance existing innovation capabilities1.
This transaction delivers a pipeline of drug candidates against validated cancer targets including DLL32 and integrin αvβ63, as well as a panel of other agents against novel targets in early discovery stage. The Company believes that these next generation drug candidates fit synergistically with Telix’s therapeutics pipeline, enabling expansion to future therapy areas with unmet clinical need.
The technology platform and intellectual property utilizes small, engineered antibody formats that enable highly specific targeting of cancer with radiation, that exhibit fast tumor uptake and blood clearance. This technology has the potential to be highly effective for imaging and treating tumors with a broad range of radioisotopes, with alpha emitters of particular interest. The ImaginAb capabilities combined with Telix’s existing investments in new target development, conjugation and isotope processing has resulted in a platform that has the potential to rapidly create a new portfolio of “next generation” theranostic radiopharmaceuticals.
The transaction adds a state-of-the-art research facility in Los Angeles to Telix’s U.S. operations, complementing the Company’s existing radiochemistry platform at Optimal Tracers (Sacramento, CA), isotope production at ARTMS (Vancouver, Canada) and bioconjugation chemistry at IsoTherapeutics (Angleton, TX). ImaginAb’s team of discovery, protein engineering and radiopharmaceutical development experts will also join the Telix early development team, further enhancing in-house capabilities in antibody engineering, protein characterization and preclinical development.
Dr. Michael Wheatcroft, Chief Scientist, Telix, said, “The addition of an early-stage pipeline of promising theranostic assets and a novel biologics platform adds new optionality for Telix to create the next generation of precision medicine and therapeutic products, beyond the current clinical-stage pipeline. We are particularly delighted to welcome a talented team of experts, further enhancing Telix’s R&D capabilities.”
Dr. Anna M. Wu, Co-Founder and Board Member, ImaginAb, added, “The innovative radiotherapeutic technology platform is designed to optimize radiopharmaceutical therapies with targeting agents that are more selective and better match the pharmacology and radiobiology of a given radionuclide. The protein engineering and discovery team is excited to join Telix and further unlock the future potential of this platform and theranostic candidates.”
Transaction details
The upfront consideration value was US
Upon achievement of specific key development and commercial milestones, Telix will pay up to a total of US
About ImaginAb, Inc.
ImaginAb is a clinical stage global biotechnology company developing the next generation of radiopharmaceutical imaging agent products. These patented products contain engineered antibodies that maintain the specificity of full-length antibodies while remaining biologically inert in the body. Used with widely available positron emission tomography (PET) and optical imaging technology, these novel targeting agents are able to bind specifically to cell surface targets.
Pursuant to the transaction with Telix, ImaginAb has retained its lead imaging candidate, CD8 ImmunoPET, which is currently in Phase 2 clinical trials and has been licensed by numerous pharmaceutical and biotech companies for use in imaging within immunotherapy clinical trials, primarily in oncology.
Jefferies LLC and Stifel, Nicolaus & Company, Incorporated served as financial advisors to ImaginAb on the transaction.
About Telix Pharmaceuticals Limited
Telix is a biopharmaceutical company focused on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals and associated medical technologies. Telix is headquartered in Melbourne, Australia, with international operations in the United States, Canada, Europe (Belgium and Switzerland), and Japan. Telix is developing a portfolio of clinical and commercial stage products that aims to address significant unmet medical needs in oncology and rare diseases. ARTMS, IsoTherapeutics, Lightpoint, Optimal Tracers and RLS are Telix Group companies. Telix is listed on the Australian Securities Exchange (ASX: TLX) and the Nasdaq Global Select Market (Nasdaq: TLX).
Telix’s lead prostate imaging product, gallium-68 (68Ga) gozetotide injection (also known as 68Ga PSMA-11 and marketed under the brand name Illuccix®), has been approved by the U.S. Food and Drug Administration (FDA)8, by the Australian Therapeutic Goods Administration (TGA)9, and by Health Canada10. Telix has received a positive decision on its Marketing Authorization Application (MAA) for Illuccix submitted in Europe11.
Telix’s osteomyelitis (bone infection) imaging agent, technetium-99m (99mTc) besilesomab, marketed under the brand name Scintimun®, is approved in 32 European countries and Mexico. Telix’s miniaturized surgical gamma probe, SENSEI®, for minimally invasive and robotic-assisted surgery, is registered with the FDA for use in the U.S. and has attained a Conformité Européenne (CE) Mark for use in the European Economic Area. No other Telix product has received a marketing authorization in any jurisdiction.
Visit www.telixpharma.com for further information about Telix, including details of the latest share price, ASX and SEC filings, investor and analyst presentations, news releases, event details and other publications that may be of interest. You can also follow Telix on LinkedIn, X and Facebook.
Telix Investor Relations
Ms. Kyahn Williamson
Telix Pharmaceuticals Limited
SVP Investor Relations and Corporate Communications
Email: kyahn.williamson@telixpharma.com
This announcement has been authorised for release by the Telix Pharmaceuticals Limited Disclosure Committee on behalf of the Board.
Legal Notices
You should read this announcement together with our risk factors, as disclosed in our most recently filed reports with the Australian Securities Exchange (ASX), U.S. Securities and Exchange Commission (SEC), including our registration statement on Form 20-F filed with the SEC, or on our website.
The information contained in this announcement is not intended to be an offer for subscription, invitation or recommendation with respect to securities of Telix Pharmaceuticals Limited (Telix) in any jurisdiction, including the United States. The information and opinions contained in this announcement are subject to change without notification. To the maximum extent permitted by law, Telix disclaims any obligation or undertaking to update or revise any information or opinions contained in this announcement, including any forward-looking statements (as referred to below), whether as a result of new information, future developments, a change in expectations or assumptions, or otherwise. No representation or warranty, express or implied, is made in relation to the accuracy or completeness of the information contained or opinions expressed in the course of this announcement.
This announcement may contain forward-looking statements, including within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, that relate to anticipated future events, financial performance, plans, strategies or business developments. Forward-looking statements can generally be identified by the use of words such as “may”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “outlook”, “forecast” and “guidance”, or the negative of these words or other similar terms or expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements are based on Telix’s good-faith assumptions as to the financial, market, regulatory and other risks and considerations that exist and affect Telix’s business and operations in the future and there can be no assurance that any of the assumptions will prove to be correct. In the context of Telix’s business, forward-looking statements may include, but are not limited to, statements about: the anticipated benefits of Telix’s transaction with ImaginAb; the initiation, timing, progress and results of Telix’s preclinical and clinical trials, and Telix’s research and development programs; Telix’s ability to advance product candidates into, enrol and successfully complete, clinical studies, including multi-national clinical trials; the timing or likelihood of regulatory filings and approvals for Telix’s product candidates, manufacturing activities and product marketing activities; Telix’s sales, marketing and distribution and manufacturing capabilities and strategies; the commercialisation of Telix’s product candidates, if or when they have been approved; Telix’s ability to obtain an adequate supply of raw materials at reasonable costs for its products and product candidates; estimates of Telix’s expenses, future revenues and capital requirements; Telix’s financial performance; developments relating to Telix’s competitors and industry; and the pricing and reimbursement of Telix’s product candidates, if and after they have been approved. Telix’s actual results, performance or achievements may be materially different from those which may be expressed or implied by such statements, and the differences may be adverse. Accordingly, you should not place undue reliance on these forward-looking statements.
©2025 Telix Pharmaceuticals Limited. The Telix Pharmaceuticals®, Telix Group company, and Telix product names and logos are trademarks of Telix Pharmaceuticals Limited and its affiliates – all rights reserved. Trademark registration status may vary from country to country.
1 Refer to Telix ASX disclosure 13 January 2025.
2 Delta-like ligand 3, a cell surface protein overexpressed in high-grade neuroendocrine tumors and small cell lung cancer (SCLC).
3 Integrin αvβ6 is a cell surface protein overexpressed during wound healing and in cancer.
4 All references to AUD have been converted at the AUD/USD exchange rate of 1.614.
5 Volume weighted average price of shares (VWAP) for the 10 trading day period up to and including 10 January 2025. Refer to Appendix 2A lodged with ASX today for further details.
6 Refer to Appendix 2A lodged with ASX today for further details.
7 Refer to Appendix 3G lodged with ASX today for further details.
8 Telix ASX disclosure 20 December 2021.
9 Telix ASX disclosure 2 November 2021.
10 Telix ASX disclosure 14 October 2022.
11 Telix ASX disclosure 17 January 2025.
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