Bracco Imaging S.p.A. has signed a definitive agreement to acquire Blue Earth Diagnostics, a U.K.-based molecular imaging company, for $450 million plus an additional closing adjustment of approximately $25 million.
The transaction is expected to be finalized in the third quarter. After closing, Blue Earth Diagnostics will become a subsidiary of Bracco Imaging while retaining both its leadership team and its own brand name.
Axumin, a PET molecular imaging agent developed by Blue Earth Diagnostics, is approved both in the United States and European Union for PET imaging in men with suspected recurrent prostate cancer. Recent research has found that Axumin PET/CT can lead to changes in the management plans of a majority of patients.
“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,” Fulvio Renoldi Bracco, CEO of Bracco Imaging, said in a prepared statement. “We are thrilled to welcome to Bracco this world class team with exceptional product development and commercialization expertise.”
“The acquisition of Blue Earth Diagnostics by Bracco Imaging is a validation of the proven success of Axumin in prostate cancer, its potential uses beyond prostate cancer, and the PSMA pipeline under development,” Jonathan Allis, DPhil, CEO of Blue Earth Diagnostics, said in the same statement. “Bracco Imaging's global footprint and clinical research and marketing support will enable us to further leverage our high-value platform for innovative radiopharmaceuticals to inform clinical management and guide care for cancer patients around the world.”