Bracco Imaging has signed a definitive agreement to acquire Blue Earth Diagnostics, a molecular imaging company based in Oxford, UK. Bracco will pay $450 million, plus closing adjustment estimated at $25 million, for Blue Earth. Upon closure of the transaction, Blue Earth will become a subsidiary of Bracco Imaging, but will retain the well-established Blue Earth Diagnostics name.
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 with elevated prostate specific antigen (PSA) levels following prior treatment. The company’s product pipeline includes innovative Prostate Specific Membrane Antigen (PSMA)-targeted radiohybrid (“rh”) 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 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, CEO, Bracco Imaging.
“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, Blue Earth Diagnostics.