Telix Acquires Next-Generation Therapeutics and Innovative Biologics Platform

Telix Pharmaceuticals Limited (ASX: TLX, Nasdaq: TLX), a leading biopharmaceutical company focused on radiopharmaceuticals, has announced a strategic acquisition of next-generation therapeutic assets and an innovative biologics technology platform from ImaginAb, Inc. This acquisition is set to enhance Telix's research and innovation capabilities, enabling the company to explore new disease areas and expand its product pipeline. The transaction, valued at US$45 million (AU$73 million), includes a pipeline of early-stage drug candidates, a proprietary novel biologics technology platform, and a state-of-the-art research facility in California.

The acquired pipeline consists of early-stage drug candidates targeting high-value targets such as DLL3 and integrin αvβ6, as well as several other novel targets in the discovery stage. These assets fit synergistically with Telix's existing 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. This facility 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, commented, "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."

The purchase price for the transaction is US$45 million (AU$73 million), comprised of 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 at the conclusion of a 15-month indemnity period. Upon achievement of specific key development and commercial milestones, Telix will pay up to a total of US$185 million (AU$299 million), a portion of which may be paid in cash or equity at Telix's election. Royalties are also payable on net sales in the low single digits on a limited number of platform and early-stage products after the first four products have been developed, as well as single-digit sublicense fees, as applicable.

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.



This acquisition is expected to contribute positively to Telix's financial projections, as it enhances the company's innovation capabilities and expands its product pipeline. Telix's financial projections, as of 2025/01/12, forecast earnings and revenue growth of 33.8% and 19% per annum, respectively, with EPS growth of 33.7% per annum. Return on equity is forecast to be 26.2% in 3 years. The acquisition of ImaginAb's assets is expected to support and potentially accelerate these growth projections, as it enables Telix to explore new disease areas and expand its product pipeline.

In conclusion, Telix's acquisition of next-generation therapeutic assets and an innovative biologics technology platform from ImaginAb is a strategic move that will enhance the company's research and innovation capabilities. This acquisition is expected to contribute positively to Telix's financial projections and enable the company to explore new disease areas and expand its product pipeline. As Telix continues to grow and innovate, investors can expect the company to remain a strong player in the radiopharmaceutical sector.