The Australian biopharmaceutical company, Telix, has announced its intention to acquire the USA based radiopharmacy company RLS (USA) Inc. from its parent company, RLD Group Ltd. RLS (USA) distributes positron emission tomography (PET), single-photon emission computed tomography (SPECT) and therapeutic radiopharmaceuticals via a network of 31 radiopharmacies covering more than 85% of the population.

Telix intends to leverage RLS’ radiopharmacies to build a radiometal production and distribution network for key therapeutic and diagnostic isotopes alongside last-mile delivery of finished unit doses in relevant markets. The acquisition also provides a means to deploy Telix’s ARTMS QUANTM Irradiation System cyclotron technology, enabling standardised, high-efficiency and cost-effective production of radiometals.
RLS will continue to service existing customers and operate as an independent business unit under Telix Manufacturing Solutions (TMS), acting as a key unit in Telix’s network of US manufacturing and distribution partnerships, with Telix noting that RLS is geographically complementary to its production facility in Belgium.

The purchase agreement comprises an upfront cash consideration of US$230 million before adjustments for cash and cash equivalents; debt and debt equivalents; transaction expenses; and working capital, and a deferred cash consideration up to a maximum of US$20 million, contingent on achievement of certain milestones related to demonstration of accretive financial and operational performance during the four-quarters following closing.

Closing of the transaction is subject to customary conditions, including regulatory approvals, RLS shareholder approval, licence transfers and certain third-party consents, with the acquisition expected to close early in the first quarter of 2025.