Telix Acquires RLS to Bolster Radiopharmaceutical Manufacturing and Distribution in North America

Acquisition Details:
Telix Pharmaceuticals has agreed to acquire RLS (USA) Inc. for up to $250 million, with an upfront cash consideration of $230 million and a deferred cash consideration of up to $20 million contingent on achieving certain milestones.

Strategic Rationale:
The acquisition aligns with Telix's investment strategy of vertically integrating its supply chain, manufacturing, and distribution to ensure product integrity and delivery, and to strengthen existing commercial partnerships.

RLS Network:
RLS operates America's only Joint Commission-accredited radiopharmacy network, with 31 locations covering over 85% of the U.S. population, distributing PET and SPECT agents along with therapeutic radiopharmaceuticals.

Expansion Plans:
Telix will leverage RLS' network to build a radiometal production and distribution network for key therapeutic and diagnostic isotopes, alongside last-mile delivery of finished unit doses in relevant markets.

Financial Impact:
The transaction is expected to be cost-neutral to Telix from an operating cash flow perspective, with RLS' 2023 revenue totaling $158 million. The acquisition is also expected to be accretive to Telix following completion.

Integration:
RLS will continue to service existing customers and operate as an independent business unit under Telix Manufacturing Solutions, which includes other key Telix brands with multi-vendor and third-party relationships.

Future Plans:
The acquisition provides a clear pathway to deploy Telix's ARTMS QUANTM Irradiation System (QIS) cyclotron technology, enabling standardized, high-efficiency, and cost-effective production of radiometals.