Bracco Imaging is set to acquire molecular imaging diagnostics enterprise, Blue Earth Diagnostics, from Syncona for $450 million.
The purchase of the British company’s outstanding shares includes an additional closing adjustment estimated at $25 million, and will make it a subsidiary of Bracco Imaging, though it will retain its well-known name.
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"Bracco Imaging and Blue Earth Diagnostics have highly complementary capabilities and a shared commitment to providing high-quality diagnostic imaging solutions that enhance clinical management and advance patient care, making us a good fit," Fulvio Renoldi Bracco, chief executive officer of Bracco Imaging told HCB News. "Our customers will benefit from access to the enhanced capabilities, broadened portfolio of commercialized and developmental cancer agents for diagnostic and therapeutic use, and expanded commercial network of the combined organization."
The developer of Axumin (fluciclovine F 18), Blue Earth Diagnostics has obtained approval in both the EU and the U.S. for use of the molecular imaging agent in PET scans for the detection of suspected recurrent prostate cancer in men, with more than 50,000 doses administered to date in the U.S. alone.
It is currently investigating other potential applications in cancer imaging with 18F-Fluciclovine, including in neuro-oncology. And it recently acquired the exclusive, worldwide rights to a broad family of prostate specific membrane antigen (PSMA)-targeted radiohybrid (“rh”) agents, a clinical-stage, investigation class of theranostic compounds that could potentially be used in both imaging and treatment of prostate cancer.
The acquisition by Bracco Imaging is expected to expand Blue Earth Diagnostics in the more than 100 markets that the former currently operates in through subsidiaries, joint ventures, licenses and distribution partnership agreements. It holds a particularly big footprint in North America, China, Europe, Japan, Brazil, Mexico and South Korea, and boasts a research and development organization with a process-oriented approach and a track record in the diagnostic imaging industry.
"The combined business will leverage all of Bracco's leading diagnostic modalities and global footprint, along with an expanded suite of assets, including deepened PET imaging competencies, a strong portfolio of commercialized and developmental prostate cancer agents for diagnostic and therapeutic use, a developing franchise in brain tumors, expanded commercial infrastructure and deep financial resources," said Bracco.
The deal is anticipated to close during third quarter of the 2019 calendar year.