Telix Pharmaceuticals has agreed to acquire QSAM Biosciences and its lead investigational drug Samarium-153-DOTMP (153Sm-DOTMP).
US-based QSAM is focused on the development of therapeutic radiopharmaceuticals for primary and metastatic bone cancer.
According to the terms of the deal, announced in November 2023, QSAM stockholders will get $33.1m upfront, which is payable in the form of 4,369,914 Telix ordinary shares to be issued at the merger closing.
QSAM will also receive contingent value rights (CVRs) to receive future payments of up to $90m upon the achievement of four clinical and commercial milestones within 10 years of closing.
Telix managing director and group CEO Christian Behrenbruch said: “The acquisition of QSAM provides Telix with an additional near-term therapeutic pipeline asset, further differentiating our innovation position in radiopharmaceuticals and building depth in Telix’s key disease focus areas of urological and musculoskeletal oncology.
“Samarium is a highly optimal radionuclide for treating bone metastases, and the combination of ODD and PRDD status with Telix’s demonstrated experience in pharmacy-based cold-kit distribution has strong potential for a rapid pathway to commercialisation of this asset.”
153Sm-DOTMP is a kit-based bone-seeking targeted radiopharmaceutical candidate. It aligns with Telix’s existing therapeutic focus areas in urologic oncology, neuro-oncology, and musculoskeletal oncology.
Preclinical and early clinical trials have demonstrated the safety, effectiveness, and potential commercial value of 153Sm-DOTMP.
Australia-based Telix claimed that this drug has the potential to outperform previous bone-seeking medicines in the treatment and management of late-stage metastatic illness.
The candidate has secured Orphan Drug and Rare Pediatric Disease Designations (ODD/RPDD) by the US Food and Drug Administration (FDA) to treat osteosarcoma.
QSAM executive chairman and co-founder Dr C Richard Piazza said: “We are thrilled to advance this transaction to signing and expect to complete the transaction in the first half of 2024, subject to the timing of our Information Statement and the satisfaction of customary closing conditions.
“We believe strongly that Telix is the right partner to advance Samarium-153-DOTMP through clinical trials and give this important technology the best chance to improve the lives of patients suffering from bone cancer.”
