Bracco Imaging has announced that it has signed a definitive agreement to acquire Blue Earth Diagnostics, a molecular imaging company based in Oxford, UK. Bracco will acquire all outstanding shares of the privately-held Blue Earth Diagnostics for the equity value of $450 million, plus a closing adjustment estimated at $25 million, Blue Earth Diagnostics will become a subsidiary of Bracco Imaging, led by its current leadership team and will retain the well-established Blue Earth Diagnostics name. Blue Earth Diagnostics employs approximately 100 people and is expected to generate revenues of $140M in the year to September 2019, primarily in the US.
The first novel PET molecular imaging agent developed by Blue Earth Diagnostics is Axumin (F18-fluciclovine) injection approved in the United States (US) and the European Union for PET imaging in men with suspected recurrent prostate cancer based on elevated prostate specific antigen (PSA) levels following prior treatment. The company’s pipeline includes innovative Prostate Specific Membrane Antigen (PSMA)-targeted radiohybrid agents, which are a clinical-stage, investigational class of theranostic compounds, with potential applications in both the imaging and treatment of prostate cancer. In two separate studies which evaluated the utility of Axumin (F18-fluciclovine) PET/CT in providing physicians with actionable information for the management of men with recurrent prostate cancer, the intended management plan was changed in approximately 60% of the study subjects, based on the results of the Axumin®PET/CT scan.
F18-fluciclovine has a broad range of other potential applications in cancer imaging and Blue Earth Diagnostics is investigating the molecule for other cancers including in neuro- oncology.
“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.”
“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,” said Dr. Jonathan Allis, CEO of Blue Earth Diagnostics. “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.”
Blue Earth Diagnostics is a leading molecular imaging diagnostics company focused on the development and commercialization of novel PET imaging agents to inform clinical management and guide care for cancer patients in areas of unmet medical need. Formed in 2014, Blue Earth Diagnostics is led by recognized experts in the clinical development and commercialization of innovative nuclear medicine products.