Melbourne-based Telix Pharmaceuticals (ASX: TLX) has completed the acquisition of US-based QSAM Biosciences, Inc. and its lead investigational drug Samarium-153-DOTM.
QSAM is developing therapeutic radiopharmaceuticals for primary and metastatic bone cancer. 153Sm-DOTMP is a novel investigational kit-based bone-seeking targeted radiopharmaceutical that uses a “next-generation” chelating agent to deliver a proprietary formulation of Samarium-153 radioisotope. With two major potential applications – pain management of bone metastases and osteosarcoma therapy, including in paediatric patients – 153Sm-DOTMP is highly aligned with Telix’s existing therapeutic focus areas in urologic oncology (prostate and kidney cancer) and musculoskeletal oncology (sarcoma).
This acquisition is designed to be a complementary and early commercial entry-point for Telix’s prostate cancer therapy franchise. Lutetium-177 (177Lu) -based PSMA therapies are transforming prostate cancer care, however all patients eventually progress and require specialty care, particularly pain management for bone metastases. This unmet need is further exacerbated by quality-of-life issues associated with metastatic pain management, particularly opioid administration. In the U.S. alone, there are an estimated 400,000 patients up-staged with malignant bone metastasis primarily from prostate, breast and lung cancers.
“The QSAM technology adds a near-term therapeutic asset to the Telix pipeline, which we believe will enable a ‘third generation’ palliation approach through radiopharmaceuticals,” Dr Christian Behrenbruch, Managing Director and Group CEO of Telix, said.
“This is needed more than ever, not only because of the change in treatment landscape in prostate and other cancers, but also because of the escalating cost of opioid compliance, particularly in the U.S. 153Sm-DOTMP is a validated therapeutic candidate, which further enhances and differentiates Telix’s innovation position to provide a continuum of care to patients from diagnosis and staging, through systemic treatment of metastatic disease, to palliative care. We are pleased to welcome the highly experienced QSAM team to the Telix Group of companies.”
The upfront consideration value is US$33.1 million which will be paid to QSAM through the issue of fully paid ordinary Telix shares at US$7.575 per share and in cash.