Telix to Acquire Next-Generation Therapeutic Assets and Innovative Biologics Technology Platform
Telix Pharmaceuticals (ASX: TLX, Nasdaq: TLX) has announced an asset purchase agreement with ImaginAb to acquire next-generation therapeutic candidates and a biologics technology platform. The transaction, valued at US$45 million, includes early-stage drug candidates targeting DLL31 and integrin αvβ62, along with a California-based research facility.
The deal structure comprises US$10 million in cash and US$31 million in equity at closing, with a deferred payment of up to US$4 million in equity after a 15-month indemnity period. Additional milestone payments of up to US$185 million may be paid upon achieving specific development and commercial targets. The agreement also includes royalties in the low single digits on certain platform and early-stage products.
The acquisition will enhance Telix's research capabilities through advanced antibody engineering technology, enabling highly specific cancer targeting with fast tumor uptake and blood clearance potential.
Telix Pharmaceuticals (ASX: TLX, Nasdaq: TLX) ha annunciato un accordo per l'acquisto di asset con ImaginAb per acquisire candidati terapeutici di nuova generazione e una piattaforma tecnologica biologica. La transazione, del valore di 45 milioni di dollari statunitensi, include candidati farmaceutici in fase iniziale che mirano a DLL31 e integrina αvβ62, insieme a un centro di ricerca situato in California.
La struttura dell'accordo prevede 10 milioni di dollari in contanti e 31 milioni di dollari in equity al momento della chiusura, con un pagamento posticipato di fino a 4 milioni di dollari in equity dopo un periodo di indennità di 15 mesi. Ulteriori pagamenti legati a traguardi possono arrivare fino a 185 milioni di dollari al raggiungimento di obiettivi specifici di sviluppo e commercializzazione. L'accordo include anche royalties in percentuale bassa a una cifra su determinati prodotti della piattaforma e in fase iniziale.
L'acquisizione potenzierà le capacità di ricerca di Telix grazie a tecnologie avanzate di ingegneria degli anticorpi, consentendo un targeting del cancro altamente specifico con un rapido assorbimento tumorale e potenziale di clearance ematica.
Telix Pharmaceuticals (ASX: TLX, Nasdaq: TLX) ha anunciado un acuerdo de compra de activos con ImaginAb para adquirir candidatos terapéuticos de próxima generación y una plataforma tecnológica biológica. La transacción, valorada en 45 millones de dólares estadounidenses, incluye candidatos de fármacos en etapas tempranas que apuntan a DLL31 e integrina αvβ62, así como una instalación de investigación basada en California.
La estructura del acuerdo comprende 10 millones de dólares en efectivo y 31 millones de dólares en capital al cierre, con un pago diferido de hasta 4 millones de dólares en capital después de un período de indemnización de 15 meses. Pagos adicionales por hitos de hasta 185 millones de dólares pueden pagarse al alcanzar objetivos específicos de desarrollo y comercialización. El acuerdo también incluye regalías en cifras bajas de un solo dígito sobre ciertos productos de la plataforma y de etapas iniciales.
La adquisición mejorará las capacidades de investigación de Telix a través de una tecnología avanzada de ingeniería de anticuerpos, permitiendo un targeting muy específico del cáncer con un rápido aumento tumoral y potencial de eliminación en la sangre.
텔릭스 제약 (ASX: TLX, 나스닥: TLX)이 이미진앱(ImaginAb)과 자산 구매 계약을 발표하며 차세대 치료 후보 물질과 생물학적 기술 플랫폼을 인수합니다. 이번 거래는 4,500만 달러의 가치가 있으며, DLL31과 통합체 αvβ62를 목표로 하는 초기 단계의 의약품 후보가 포함되어 있으며, 캘리포니아에 있는 연구 시설도 포함됩니다.
계약 구조는 마감 시 1,000만 달러의 현금과 3,100만 달러의 자본을 포함하며, 15개월의 면책 기간 후 최대 400만 달러의 자본에 대한 연기 지급이 있습니다. 특정 개발 및 상업 목표를 달성할 경우 최대 1억 8,500만 달러의 추가 이정표 지급이 있을 수 있습니다. 계약에는 특정 플랫폼 및 초기 단계 제품에 대한 저단의 로열티도 포함되어 있습니다.
이번 인수는 고급 항체 공학 기술을 통해 텔릭스의 연구 능력을 강화하여 매우 특이적인 암 목표 설정과 빠른 종양 흡수 및 혈액 제거 가능성을 제공합니다.
Telix Pharmaceuticals (ASX: TLX, Nasdaq: TLX) a annoncé un accord d'achat d'actifs avec ImaginAb pour acquérir des candidats thérapeutiques de nouvelle génération et une plateforme technologique biologique. La transaction, d'une valeur de 45 millions de dollars US, inclut des candidats médicaments en phase précoce ciblant DLL31 et l'intégrine αvβ62, ainsi qu'un centre de recherche basé en Californie.
La structure de l'accord comprend 10 millions de dollars en espèces et 31 millions de dollars en capital à la clôture, avec un paiement différé pouvant atteindre 4 millions de dollars en capital après une période d'indemnisation de 15 mois. Des paiements de jalons supplémentaires pouvant atteindre 185 millions de dollars peuvent être versés lors de l'atteinte d'objectifs spécifiques de développement et de commercialisation. L'accord comprend également des redevances à un chiffre bas sur certains produits de la plateforme et en phase précoce.
L'acquisition renforcera les capacités de recherche de Telix grâce à une technologie avancée d'ingénierie des anticorps, permettant un ciblage très précis du cancer avec un rapide absorption tumorale et un potentiel d'élimination sanguine.
Telix Pharmaceuticals (ASX: TLX, Nasdaq: TLX) hat eine Vereinbarung über den Kauf von Vermögenswerten mit ImaginAb bekannt gegeben, um therapeutische Kandidaten der nächsten Generation und eine biotechnologische Plattform zu erwerben. Die Transaktion, die mit 45 Millionen US-Dollar bewertet wird, umfasst frühe Arzneikandidaten, die auf DLL31 und Integrin αvβ62 abzielen, sowie eine Forschungsanlage in Kalifornien.
Die Struktur des Deals umfasst 10 Millionen US-Dollar in bar und 31 Millionen US-Dollar in Eigenkapital bei Abschluss sowie eine aufgeschobene Zahlung von bis zu 4 Millionen US-Dollar in Eigenkapital nach einer Entschädigungsfrist von 15 Monaten. Zusätzliche Meilensteinzahlungen von bis zu 185 Millionen US-Dollar können bei Erreichung bestimmter Entwicklungs- und Handelsziele gezahlt werden. Die Vereinbarung enthält zudem Royalties in niedrigen einstelligen Prozentsätzen auf bestimmte Plattform- und frühe Produkte.
Die Akquisition wird die Forschungsfähigkeiten von Telix durch fortschrittliche Antikörpertechnik verbessern, was eine hoch spezifische Krebsanvisierung mit schneller Tumoraufnahme und Blubeseitigungsmöglichkeiten ermöglicht.
- Strategic acquisition of next-generation therapeutic pipeline and technology platform
- Access to state-of-the-art California research facility and expert team
- Enhanced in-house capabilities in antibody engineering
- Technology enables highly specific cancer targeting with improved efficiency
- Potential for expansion into new therapy areas
- Significant upfront cost of US$45 million
- Additional milestone payments up to US$185 million
- Future royalty obligations on certain products
- Shareholder dilution through equity issuance
Insights
The $45 million acquisition of ImaginAb's assets represents a strategic move that could significantly enhance Telix's market position in the radiopharmaceutical sector. The deal structure, with only $10 million in cash and the remainder in equity, preserves Telix's cash position while offering substantial upside potential through milestone payments up to $185 million. The staggered equity release schedule (60, 90 and 120 days) demonstrates prudent risk management and alignment of interests.
The transaction's valuation appears favorable given the acquired assets include a state-of-the-art California research facility, an established research team and a proprietary biologics platform. The milestone-based structure effectively reduces upfront risk while maintaining significant upside potential. The royalty structure, starting after the first four products, suggests a business-friendly arrangement that prioritizes initial commercialization efforts.
The acquisition of ImaginAb's next-generation therapeutic platform represents a significant technological leap for Telix. The small engineered antibody formats with rapid tumor uptake and blood clearance characteristics are particularly valuable for targeted radiotherapy. The platform's compatibility with alpha emitters is especially noteworthy, as this represents an emerging frontier in radiopharmaceuticals with potential for enhanced therapeutic efficacy.
The DLL31 and integrin αvβ62 targets are highly strategic choices in oncology, with growing evidence supporting their role in cancer progression. The combination of these novel targets with Telix's existing expertise in radiopharmaceuticals could accelerate the development of more effective targeted therapies. The in-house protein engineering capabilities will significantly reduce dependency on external partners and potentially accelerate development timelines.
This acquisition positions Telix to capitalize on the rapidly growing radiopharmaceutical market, which is experiencing increased interest from major pharmaceutical companies. The deal provides Telix with important intellectual property and research capabilities that could lead to multiple new product opportunities. The structure of the milestone payments (up to $185 million) suggests confidence in the platform's potential to generate significant commercial value.
The timing is particularly strategic as the radiopharmaceutical sector gains momentum. By securing advanced antibody engineering capabilities and a California research base, Telix strengthens its competitive position against both established players and emerging competitors. The transaction could potentially accelerate Telix's pipeline development and reduce long-term R&D costs through improved internal capabilities.
MELBOURNE, Australia and INDIANAPOLIS, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Telix Pharmaceuticals Limited (ASX: TLX, Nasdaq: TLX, Telix, the Company) today announces it has entered into an asset purchase agreement with antibody engineering company ImaginAb, Inc. (ImaginAb) to acquire a pipeline of next-generation therapeutic candidates, proprietary novel biologics technology platform, and a protein engineering and discovery research facility to enhance existing innovation capabilities.
This transaction adds a pipeline of early-stage drug candidates against high-value targets including DLL31 and integrin αvβ62, as well as several other novel targets in discovery stage. These next generation drug candidates fit synergistically with Telix’s therapeutics pipeline, enabling expansion to future therapy areas with unmet clinical need. The acquired intellectual property utilizes small engineered antibody formats that enable highly specific cancer targeting, combined with 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 transaction also includes a state-of-the-art research facility in California, staffed by a talented team of discovery, protein engineering and radiopharmaceutical development experts. Together, these assets will provide Telix with further in-house capabilities in antibody engineering and preclinical development, as well as a novel biologics platform to create the next generation of Telix precision medicine and therapeutic products, beyond the current clinical-stage pipeline.
Richard Valeix, Chief Executive Officer, Therapeutics, Telix, said, “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. This acquisition will enable Telix to explore new disease areas with state-of-the-art radiotherapeutic technology.”
Dr. Anna M. Wu, Co-Founder and Board Member, ImaginAb, added, “As the radiopharmaceutical sector gains momentum there is a significant need for targeting agents to be more selective, deliver less off-target radiation, and better match the pharmacology and radiobiology of a given radionuclide. The team’s deep expertise in antibody engineering and the resulting development of a valuable, proprietary platform technology has led to clinical proof-of-concept. Telix is the right partner to unlock the future therapeutic potential of this platform.”
Transaction details
Telix will acquire these assets through an asset purchase agreement with a concurrent technology license agreement to be signed at closing. The purchase price for the transaction is US
Telix will issue ordinary shares to ImaginAb within its Listing Rule 7.1 placement capacity as consideration for the acquisition. Upfront equity consideration will be subject to voluntary escrow (lock-up/leak-out) restrictions with equal tranches being released from escrow 60, 90 and 120 days after closing. Completion of the transaction is subject to customary conditions, including regulatory approvals and other third-party consents. Telix cannot guarantee this transaction will close in any specific timeframe or on the terms summarized here, if at all.
Refer to Telix disclosures and Appendix 3B lodged with the ASX today for further information.
About ImaginAb, Inc.
ImaginAb is a clinical stage, revenue-generating global biotechnology company developing the next generation of radiopharmaceutical and 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.
Following closing of its transaction with Telix Pharmaceuticals, ImaginAb, Inc. will be focused on developing 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.
Disclosures
Telix Managing Director and Group Chief Executive Officer, Dr. Christian Behrenbruch, is a non-affiliated shareholder of ImaginAb, holding less than
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. Telix is listed on the Australian Securities Exchange (ASX: TLX) and the Nasdaq Global Select Market (Nasdaq: TLX).
Telix’s lead 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)5, by the Australian Therapeutic Goods Administration (TGA) 6, and by Health Canada7. 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, announcements made to the ASX, investor and analyst presentations, news releases, event details and other publications that may be of interest. You can also follow Telix on X and LinkedIn.
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 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® and Illuccix® names and logos are trademarks of Telix Pharmaceuticals Limited and its affiliates – all rights reserved.
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1 Delta-like ligand 3, a cell surface protein overexpressed in high-grade neuroendocrine tumors and small cell lung cancer (SCLC).
2 Integrin αvβ6 is a cell surface protein overexpressed during wound healing and in cancer.
3 All references to AUD have been converted at the AUD/USD exchange rate of 1.614.
4 Refer to Appendix to this announcement and Appendix 3B lodged with the ASX today for further details.
5 Telix ASX disclosure 20 December 2021.
6 Telix ASX disclosure 2 November 2021.
7 Telix ASX disclosure 14 October 2022.
FAQ
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