Bracco Imaging is set to acquire Blue Earth Diagnostics for about $450 million.
Upon closing of the transaction, Burlington, the MA-based company will be a subsidiary of Bracco Imaging, led by its current leadership team. Milan, Italy-based Bracco Imaging said Blue Earth Diagnostics will retain the well-established brand name.
“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 of Bracco Imaging, said in a release. “We are thrilled to welcome to Bracco this world class team with exceptional product development and commercialization expertise.”
Blue Earth Diagnostics’ first commercialized product, Axumin (fluciclovine F 18) injection is a novel molecular imaging agent approved in the U.S. and the European Union for use in PET imaging for men with suspected recurrent prostate cancer. 18F-Fluciclovine has a broad range of other potential applications in cancer imaging and Blue Earth Diagnostics is investigating the molecule for utility in other cancers, including in neuro-oncology.
Blue Earth Diagnostics has had significant progress with its prostate cancer detection offerings. Last year, the company presented data from its LOCATE trial, which showed that the addition of 18F-Fluciclovine positron emission tomography/computed tomography (PET/CT) to the diagnostic work-up of patients with biochemical recurrence of prostate cancer locates previously undetected lesions and changes treatment management for the majority of patients.
In April of last year, the company expanded its prostate cancer portfolio through the acquisition of exclusive, worldwide rights to a broad family of Prostate Specific Membrane Antigen (PSMA)-targeted radiohybrid (“rh”) agents for cancer. rhPSMA is a clinical-stage, investigational class of theranostic compounds, with potential applications in both the imaging and treatment of prostate cancer.