Telix Proposes Acquisition of QSAM Biosciences and Its Leading Therapeutic Candidate, CycloSam®
Wednesday, November 15, 2023
Telix Pharmaceuticals Limited (ASX: TLX) has disclosed the signing of a conditional Term Sheet for the potential acquisition of QSAM Biosciences, Inc. (QSAM) and its primary asset, CycloSam® (Samarium-153-DOTMP). QSAM, a clinical-stage U.S.-based company, specializes in the development of therapeutic radiopharmaceuticals for primary and metastatic bone cancer.
Telix's ongoing therapeutic initiatives in prostate cancer and sarcoma. The acquisition aims to reinforce Telix's innovation stance, providing a comprehensive range of care for patients—from diagnosis and staging to systemic treatment of metastatic disease and palliative care.
The acquisition holds significance in addressing the unmet need for cost-effective and safe management of pain related to bone metastases, especially in late-stage patients. This aligns with the broader success of immunotherapies and the recent impact of radiopharmaceutical therapies, particularly in prostate cancer.
In the U.S., an estimated 400,000 patients face upstaging with malignant bone metastasis, primarily from prostate, breast, and lung cancer. The acquisition not only presents immediate opportunities in metastatic disease management but also expands Telix's pipeline depth in osteosarcoma. QSAM has received Orphan Drug and Rare Pediatric Disease Designations from the FDA for osteosarcoma, potentially enabling a faster route to market for CycloSam® through incentives such as a Priority Review Voucher.
QSAM CEO and Co-Founder, Douglas Baum, expressed optimism about CycloSam's potential, highlighting its de-risked clinical status and the benefits of aligning with Telix's specialized commercial team and development expertise.
Telix, emphasized the intention to leverage Telix's experience for the successful development and commercialization of CycloSam®.
As per the deal terms, Telix will pay QSAM an upfront Collaboration and Option Fee of US$2 million, with a total purchase price of US$33.1 million in equity, contingent on milestone completion. The proposed acquisition is subject to various conditions, including diligence completion and approval by QSAM shareholders.
The acquisition signifies a strategic move for Telix in advancing its therapeutic offerings and addressing critical unmet needs in cancer treatment, particularly in the management of bone metastases and pediatric oncology.
Source: prnasia.com
