News - Cellvizio - Nov 13, 2023

Mauna Kea Technologies and Telix Pharmaceuticals to Expand Partnership in Uro-oncologic Surgery

Builds on existing research collaboration for precision surgery in urology

Telix Pharmaceuticals to acquire a ~19% stake in Mauna Kea Technologies through a €6 million equity investment

MELBOURNE, Australia & PARIS, France - November 13, 2023 – 07:00 a.m. CEST – Telix Pharmaceuticals Limited (ASX: TLX, Telix) and Mauna Kea Technologies (Euronext Growth: ALMKT, Mauna Kea), today announced an expansion of the IRiS (Imaging and Robotics in Surgery) Alliance through a strategic €6 million investment of Telix in Mauna Kea Technologies to develop new hybrid pharmaceutical-device products through the combination of Telix’s cancer-targeting agents with Mauna Kea’s Cellvizio® surgical endomicroscopy platform. Telix’s investment in Mauna Kea will further support the development of advanced imaging techniques for minimally invasive (laparoscopic and robotic) surgery, with specific focus on urologic oncology.

Telix is a global, commercial-stage biopharmaceutical company focused on the development and commercialisation of diagnostic and therapeutic radiopharmaceuticals and associated medical devices. Telix’s deep pipeline for prostate, kidney, brain (glioma), hematologic cancers, and rare diseases is underpinned by a reliable and secure global supply chain, manufacturing and distribution network. Telix has received global regulatory approvals from the Australian Therapeutic Goods Administration (TGA), the US Food and Drug Administration (FDA), and Health Canada for its prostate cancer imaging agent, Illuccix®, and has more than 20 clinical trials underway worldwide. 

This strategic investment of Telix in Mauna Kea is highly synergistic with Telix’s current diagnostic radiopharmaceutical portfolio as well as with its recent Lightpoint Medical and Dedicaid GmbH acquisitions.

Indeed, when used pre-operatively, Telix’s radiopharmaceutical imaging agents such as TLX591-CDx (Illuccix®) or TLX250-CDx potentially enable improved surgical planning to determine the location and extent of disease. Lightpoint’s SENSEI®, a radio-guided surgical probe works in conjunction with suitable cancer-seeking radiotracer agents to enable the intra-operative detection of cancer during a surgical intervention to help accurately answer the question, “where is the cancer?” In a complementary fashion, Mauna Kea’s Cellvizio platform enables highly localised tissue visualisation through endomicroscopic fluorescence detection to potentially define and confirm surgical margins in real-time.

Reflecting a shared commitment to building a long-term clinical and commercial partnership, Telix has agreed to invest 6 million euros to acquire 11,911,852 new ordinary shares of Mauna Kea. The new shares are issued by the board of directors of Mauna Kea at a price of 0.5037 euro per share, reflecting a 10% premium over the last 10-day VWAP, in a reserved capital increase pursuant to the 21st resolution of the combined shareholders’ meeting held on June 2, 2023. Following closing on 17 November 2023, Telix will own 19.33% of the share capital and 19.01% of the voting rights of Mauna Kea.

Dr Christian Behrenbruch, Managing Director and Group CEO of Telix commented: “We are committed to expanding this partnership, which brings together the cutting-edge technologies in targeted radiation, radio-guided surgery and real-time in vivo cellular imaging our respective companies are developing. This further enhances our differentiated and innovative offering in urology and continued commitment to engaging with key opinion leaders in the field to deliver significant improvements in surgical techniques and clinical outcomes, in order to improve the lives of the patients we serve.

Sacha Loiseau, Ph.D., Chairman and CEO of Mauna Kea Technologies, added: " I am very pleased to welcome Telix, a global leader in theranostic radiopharmaceuticals and precision medicine, as a key Mauna Kea shareholder, another major milestone on our strategic partnership roadmap. For many years, Telix and Mauna Kea have shared the vision of linking our two complementary technologies. Our Cellvizio in vivo cellular visualisation platform is an enabling technology across a range of clinical indications that can use molecular imaging to guide surgical intervention in real-time and it is very complementary to Telix’s portfolio of late-stage radiopharmaceutical diagnostics, surgical and AI tools, which combined may create a powerful suite of solutions to help surgeons perform more precise tumour resections and address some of the most complex issues in uro-oncologic treatment. I am very pleased to see our existing partnership deepen and to have the opportunity to advance our shared vision at a moment when image-guided surgical technologies are developing rapidly and the need for advanced solutions has never been greater.”

In the absence of a public offering, no prospectus will be established in France or outside of France in connection with Telix’s investment in Mauna Kea.