‒ Blue Earth Diagnostics to become a subsidiary of Bracco Imaging; retains name and
management team ‒
‒ Acquisition driven by lead product Axumin® (fluciclovine F 18), a novel molecular imaging agent for use with PET imaging to detect recurrent prostate cancer, and a robust pipeline ‒
‒ Combined business will leverage Bracco’s diagnostic modalities, global competencies, portfolio and financial resources ‒
BURLINGTON, Mass. and OXFORD, UK, June 27, 2019 – Blue Earth Diagnostics, a molecular imaging diagnostics company, today announced that a definitive agreement has been signed for Bracco Imaging S.p.A. to acquire all outstanding shares of privately-held Blue Earth Diagnostics from leading healthcare company Syncona for $450 million (£354.3 million) plus closing adjustment estimated at $25 million (£19.7 million)1. Upon closing of the transaction, Blue Earth Diagnostics will be a subsidiary of Bracco Imaging, led by its current leadership team and will retain the well-established Blue Earth Diagnostics name. Bracco Imaging is a leader in the diagnostic imaging business with an integrated product offering from a diverse roster of subsidiary companies.
“The acquisition of Blue Earth Diagnostics by Bracco Imaging is a validation of the quality of our people, our pipeline of novel diagnostic agents such as rhPSMA and the proven success of Axumin for imaging in prostate cancer and potentially other future indications,” said Jonathan Allis, D.Phil., chief executive officer, Blue Earth Diagnostics. “We believe this acquisition is excellent for Blue Earth as Bracco Imaging’s global footprint and clinical research and marketing support will enable us to expand the reach of our high-value platform of innovative radiopharmaceuticals to inform clinical management and guide care for even more people with cancer around the world.”
Blue Earth Diagnostics’ first commercialized product, Axumin® (fluciclovine F 18) injection is a novel molecular imaging agent approved in the United States and the European Union for use in PET imaging for men with suspected recurrent prostate cancer. Axumin is widely available and used across the United States, with more than 50,000 doses administered to date. 18F-Fluciclovine has a broad range of other potential applications in cancer imaging and Blue Earth Diagnostics is investigating the molecule for utility in other cancers, including in neuro-oncology.
In April 2018, Blue Earth Diagnostics expanded its prostate cancer portfolio through the acquisition of exclusive, worldwide rights to a broad family of Prostate Specific Membrane Antigen (PSMA)-targeted radiohybrid (“rh”) agents for cancer. rhPSMA is a clinical-stage, investigational class of theranostic compounds, with potential applications in both the imaging and treatment of prostate cancer.
“Blue Earth Diagnostics’ innovative products and pipeline will significantly enhance Bracco Imaging’s portfolio in precision medicine and personalized diagnostics, while expanding our range of nuclear oncology imaging solutions in the Urology segment and other specialties,” said Fulvio Renoldi Bracco, Chief Executive Officer, Bracco Imaging. “We are thrilled to welcome to Bracco this world class team with exceptional product development and commercialization expertise.”
“We are so proud of our exceptional, patient-focused team for building a successful radiopharmaceuticals business in only five years. This acquisition provides us the tremendous opportunity to grow and expand Axumin, and our innovative pipeline, geographically and into other therapeutic targets,” added Dr. Allis. “We also wish to acknowledge Syncona for its role in the foundation of the company, and its operational and financial acumen as we have built the business.”
About Bracco Imaging
Bracco Imaging S.p.A., part of the Bracco Group, is one of the world’s leading companies in the diagnostic imaging business with 2018 revenues exceeding 1B Euros. Headquartered in Milan, Italy, Bracco Imaging develops, manufactures and markets diagnostic imaging agents and solutions.
Bracco Imaging offers a product and solution portfolio for all key diagnostic imaging modalities: X-ray Imaging (including Computed Tomography-CT, Interventional Radiology, and Cardiac Catheterization), Magnetic Resonance Imaging (MRI), Contrast Enhanced Ultrasound (CEUS), and Nuclear Medicine through radioactive tracers. The diagnostic imaging portfolio is completed by a range of medical devices and advanced administration systems for contrast imaging products.
The Company operates in over 100 markets worldwide, either directly or indirectly, through subsidiaries, joint ventures, licenses and distribution partnership agreements. Bracco Imaging has a strong presence in key geographies: North America, China, Europe, Japan, Brazil, Mexico and South Korea.
Bracco Imaging’s manufacturing plants operate in full compliance with the best practices and with sustainable eco-friendly production processes. Manufacturing sites are located in Italy, Switzerland, Germany, Canada, China and Japan.
Bracco Imaging has a well skilled and an innovative Research and Development (R&D) organization with an efficient process-oriented approach and a track record in the diagnostic imaging industry. R&D activities are located in three centers based in Italy, Switzerland and USA.
To learn more about Bracco Imaging, visit www.braccoimaging.com.
This press release is intended to provide information about Blue Earth Diagnostics’ business in the United States and Europe. Please be aware that the approval status and product label for Axumin varies by country worldwide. For EU Axumin product information refer to: http://www.ema.europa.eu/ema/index.jsp?curl=pages/medicines/human/medicines/004197/human_med_002100.jsp&mid=WC0b01ac058001d124.