Telix Pharmaceuticals has signed an agreement to acquire US-based speciality radiopharmaceutical development and bioconjugation company IsoTherapeutics.

The strategic move is set to bolster Telix's in-house drug development capabilities and expand its US manufacturing presence.

The acquisition aligns with the company’s vertical integration strategy, aiming to reduce costs and accelerate the achievement of technical milestones in its development programmes.

IsoTherapeutics was founded in 2005 and offers radiochemistry and bioconjugation development, and contract manufacturing services.

It has been serving numerous companies in the radiopharmaceutical industry, including Telix.

The acquisition enhances Telix’s ability to innovate and scale up manufacturing, especially for clinical trials.

It will provide greater control over the isotope supply chain and support the commercialisation of Telix's investigational therapeutic assets.

The company will also gain access to a site with a good manufacturing practice (GMP) clean room and production infrastructure for clinical use.

It can process therapeutic isotopes used in Telix's development portfolio.

The acquisition is highly synergistic and establishes a centre of excellence in GMP bioconjugation and isotope processing.

This will complement Telix's existing facilities, including the Optimal Tracers laboratory in California and the Telix Manufacturing Solutions facility in Brussels.

IsoTherapeutics will continue offering development and manufacturing services to its existing customers and may extend these services to Telix's strategic partners and collaborators.

The purchase price consists of $8m upfront, $5m performance-related milestone payments in cash and a two-year revenue share based earnings from existing IsoTherapeutics customers.

Telix managing director and Group CEO Dr Christian Behrenbruch stated: “With the agreement to acquire IsoTherapeutics I am pleased to welcome a team of highly recognised industry leaders in bioconjugation and radiochemistry to Telix, as well as further expand our manufacturing footprint in the US.

“This acquisition enhances our business with highly sought-after skills, capabilities and facilities that are very much central to our development activities.”

The latest development comes after Telix Pharmaceuticals agreed to acquire US-based QSAM Biosciences for $123.1m.