Telix Enters Agreement with ImaginAb to Purchase Next-Gen Therapeutic Candidates

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Telix Pharmaceuticals announced on Jan. 13, 2025 that it had entered into an asset purchase agreement with ImaginAb, an antibody engineering company based in Inglewood, Calif. (1). The acquisition gives Telix a pipeline of next-generation therapeutic candidates, a proprietary and novel biologics technology platform, and a protein engineering and discovery research facility, which is located in California.

Included in the transaction are early stage drug candidates against high-value targets, among them namely DLL3 and integrin αvβ6, plus other novel targets that are still in the discovery stage (1).

Telix’s lead imaging product, gallium-68 (marketed under the brand name Illuccix), has been approved by FDA, the Australian Therapeutic Goods Administration, and Health Canada (1).

The purchase price for the transaction is US$45 million (AU$73 million), including a deferred payment of up to US$4 million in equity by the conclusion of a 15-month period of indemnity (1). As certain milestones are achieved, Telix has agreed to pay up to a US$185 million total, with royalties also payable on net sales.

“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,” Richard Valeix, chief executive officer, therapeutics for Telix, said in a company press release (1). “This acquisition will enable Telix to explore new disease areas with state-of-the-art radiotherapeutic technology.”

Intellectual property, meanwhile, utilizing small, engineered antibody formats that enable highly specific cancer targeting, and fast tumor uptake and blood clearance, has also been acquired by Telix from ImaginAb.

ImaginAb, a clinical-stage biotechnology company, develops engineered antibodies which the company said in the release maintain the specificity of full-length antibodies while remaining biologically inert within the body (1). These antibodies are designed to bind specifically to cell surface targets using positron emission tomography and optical imaging technology, according to the release.

“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,” Anna M. Wu, PhD, co-founder and board member of ImaginAb, said in the release. “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.”

Also on January 13, Telix, which is based in North Melbourne, Australia, announced that it had exceeded its previously stated guidance of US$490 million to US$510 million for fiscal year 2024 with a reported total unaudited full-year 2024 revenue of approximately US$517 million. That revenue was bolstered by a figure of US$142 million in the fourth quarter, which the company said represented an increase of 46% over the 2023 fourth quarter (2).

References

1. Telix Pharmaceuticals. Telix to Acquire Next-Generation Therapeutic Assets and Innovative Biologics Technology Platform. Press Release. Jan. 13, 2025.
2. Telix Pharmaceuticals. Telix Exceeds FY24 Guidance with US$142M Q4 Revenue. Press Release. Jan. 13, 2025.