Telix Completes Acquisition of Lightpoint Medical
Melbourne (Australia) | 1 November 2023
Telix, today announces the completion of the acquisition of Lightpoint Medical and its SENSEI® radio-guided surgery business (refer to announcement on 21 June 2023).
Lightpoint Medical – a technology leader in precision-guided robotic cancer surgery – develops and markets miniaturised imaging and sensing tools for advanced intra-operative cancer detection. The acquisition will support and expand Telix’s late-stage urologic pipeline and, together with its complementary artificial intelligence technologies, will strengthen Telix’s capabilities in deploying molecular imaging in the surgical setting.
The initial commercial objective is to align SENSEI with Telix’s Illuccix®/TLX599-CDx[1] programs for prostate cancer. Additionally, there is considerable scope to expand the use of SENSEI and explore advanced surgical radiation detection probes in other urologic and non-urologic malignancies, including TLX250-CDx, Telix’s investigational kidney cancer imaging agent.
The upfront consideration value is US$20.0 million (approximately AU$30.6 million[2]), of which US$19.6 million has been paid to Lightpoint Medical Limited in equity through the issue of 3,298,073 fully paid ordinary Telix shares at AU$9.3659 per share, with the balance paid in cash. A further US$15.0 million (approximately AU$23.6 million[3]) is payable via an earn-out in the form of rights (Performance Rights). Performance Rights will be settled in cash or equity (at Telix’s election) upon achievement of certain milestones (Milestone Events) relating to the ongoing development and commercialisation of the SENSEI probe.[4] Both upfront and any earnout equity will be subject to voluntary escrow conditions.[5]
Dr Christian Behrenbruch, Managing Director and Group CEO of Telix said, “The acquisition of Lightpoint Medical and its highly talented medtech team brings a compelling commercial-stage approved product to support and enhance Telix’s capabilities in deploying molecular imaging in the surgical setting. This strategic acquisition is in close alignment with our vision to innovate and partner with physicians at every step of the patient journey, with an initial focus on urology.”
Read the full ASX release here
[1] 99mTc-HYNIC-iPSMA.
[2] AUD/USD exchange rate of 0.6346.
[3] AUD/USD exchange rate of 0.6346.
[4] Refer Telix ASX disclosure 21 June 2023.
[5] Refer Telix ASX Appendix 3B 21 June 2023.