On December 24, 2018, Telix Pharmaceuticals announced that they had completed the acquisition of Advanced Nuclear Medicine Ingredients (ANMI) SA.
Telix Pharmaceuticals Limited (ASX: TLX) is in Pharmaceuticals, Biotechnology, and Life Sciences Sector. It’s a clinical-stage company which dedicated to the development of diagnostic and therapeutic radiopharmaceuticals or “molecularly-targeted radiation” (MTR) products.
Advanced Nuclear Medicine Ingredients (ANMI) evolve innovative solutions for the manufacture as well as packaging of therapeutic products to enable fast, easy preparation and use in hospitals and the radio-pharmacy setting.
One of the major objectives of the acquisitions are:
- In ANMI’s development pipeline has several other relevant and synergistic products which TLX sees commercial values and which they hope to release to market in FY19/20.
- TLX European operational and commercial capability will be helped by ANMI talent.
In this acquisition, the final upfront consideration value is €5.15 Million (A$8.29 Million), which comprises:
- 6,090,805 new shares in Telix at a price of $0.83 per share for a total share consideration value of €3,150,000 (A$5,055,368)
- A Cash contribution of €2,000,000 it includes €300,000 in repayment from an investor of a convertible loan to ANMI with a commercial conflict of interest with TLX.
TLX has agreed on a non-recourse debt of €0.8 Million, out of which €0.5 Million is long-term debt, falling under a low-interest commercial development loan.
For five years, TLX will pay a performance-based deferred cash payment on product sales.
In this deal, all consideration shares are subject to voluntary escrow arrangements:
- In this 2,834,052 shares are escrowed for 24 months which will end on 24 December 2020.
- And another 2,442,565 shares are escrowed for 12 months which will end on 24 December 2019.
- For just three months which will end on 24 March 2019, 814,188 shares are escrowed.
Quarterly Performance: At the end of September, the company held cash reserves of $37.293 million, which is in line with the expectations. Cash outflows relating to operational expenses were $6.168 million, with total spend on direct R&D activities at $4.465 million.
During the Quarter, the company has received $1.190 million in R&D tax rebate for eligible overseas R&D activities undertaken in 2017.
At the end of Quarter, the company has announced the strategic collaboration with GenesisCare Pty Ltd which is related to radiation oncology studies as part of Telix’s global multi-center trials in neuro-oncology and urologic oncology.
Financial Performance: The loss after tax of the group for the period was $6,377,115. A proportion of the loss totaling $360,089 was non-cash and comprised the expensing of share options, depreciation, and net foreign exchange differences.
Total equity recorded was $49,292,795. At 31 December 2017, the group held total assets of $51,093,728 and net assets of $49,292,795.
The price of the company has shown a negative return of 1.52 percent over the past six months as on 21 December 2018 and 6.47 percent down over the past One month. Telix Pharmaceuticals Limited shares are trading at $0.645 with a market capitalization of $135.22 million as on 27 December 2018.
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