Telix Pharmaceuticals has signed a conditional non-binding term sheet to acquire QSAM Biosciences in a deal worth up to $125m.

The term sheet agreement also includes the acquisition of QSAM’s lead radiopharmaceutical therapeutic agent CycloSam (samarium-153-DOTMP).

Telix will pay $2m in pre-losing collaboration and option fees following signing the term sheet. For the acquisition, the Australian company will also pay $33.1m in equity as ordinary shares, as per a 13 November press release.

QSAM will also be entitled to receive $90m in clinical and commercial milestone-based payments following the closing of the acquisition. The deal is expected to close in Q1 2024, as per a 14 November press release.

If the QSAM acquisition is terminated, the option fee and upfront costs will be converted to QSAM common stock, priced at $6.70 per share.

CycloSam has received an orphan drug designation and rare paediatric disease designation from the US Food and Drug Administration (FDA) for the treatment of paediatric osteosarcoma.

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CycloSam is currently being investigated as a potential treatment for primary and metastatic bone cancer, including osteosarcoma. The open-label, unblinded, dose-finding Phase I trial (NCT06008483) for CycloSam is planned for completion in Q1 2024, as per a 16 August press release.

“With CycloSam we plan to leverage Telix’s extensive experience and success in distributing short-life radiopharmaceuticals using a cold kit product from a nuclear pharmacy. Given these factors, we see a strong pathway to commercialisation,” said Telix managing director and group CEO Dr Christian Behrenbruch in a 13 November press release.

Telix’s pipeline consists of therapeutic and diagnostic radiological agents, including targeted radiation therapy, TLX250 (¹⁷⁷Lu-DOTA-girentuximab). It is currently in Phase I clinical trial (NCT05868174)  as a combination therapy with Merck (MSD)’s M3814 (peposertib) in patients with solid tumours that express carbonic anhydrase IX.