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Telix acquires France-based cancer drug developer

Australia's Telix Pharmaceuticals Ltd. said it closed the US$10 million acquisition of Atlab Pharma SAS.

Shareholders of the France-based cancer drug developer received US$9 million in Telix shares, priced 89 cents each. The consideration is a reduced price, the result of Telix renegotiating Atlab's material background intellectual property with BZL Biologics LLC. The IP comprises a patent portfolio, which Telix expects to help improve the development of TLX591, its prostate cancer drug.

BZL Biologics shareholders received $500,000 of Telix shares, also priced 89 cents each, as well as $500,000 of Telix warrants. Each warrant entitles the holder to buy 1 Telix share for $1.34.

Telix, which develops products for unmet needs in cancer care, issued a total of 14.84 million shares for the acquisition.