GE Healthcare (NYSE:GE) and Lantheus Holdings(NSDQ:LNTH) said today they inked a definitive license agreement to continue the Phase III development and commercialization of the investigational flurpiridaz F 18 imaging agent.
The imaging agent is designed as a positron emission tomography myocardial perfusion imaging agent that the companies say may improve the diagnosis of coronary artery disease. The deal follows the inking of a term sheet announced in February, the companies said.
“We are committed to strengthening and expanding our nuclear portfolio through this strategic partnership with Lantheus and potentially offer a new diagnostic option to clinicians and patients in CAD. I’m thrilled to bring GE Healthcare’s proven track record of new product development and commercialization to this agreement as well as the quality and reliability that our customers expect globally,” GE Healthcare core imaging GM Emmanuel Ligner said in a prepared statement.
Through the agreement, GE Healthcare will lead and fund the development program for the agent, including a 2nd Phase III clinical study. GE Healthcare will maintain exclusive worldwide rights for commercialization of the agent, while Lantheus will maintain the option to co-promote the agent in the US.
Lantheus will receive $5 million up front as part of the deal, with an opportunity for up to $60 million in regulatory and milestone payments, as well as royalties inside and outside the US.
“With our definitive agreement for flurpiridaz F 18 in place, we look forward to collaborating with GE Healthcare to complete the development and commercialization efforts to bring this novel PET cardiac imaging agent to market. On the nuclear medicine products contracting strategy front, we are excited to extend and expand our longstanding commercial relationship with GE through a multi-year supply agreement,” Lantheus CEO & prez Mary Anne Heino said in a press release.
The companies said they also extended current commercial agreements through which Lantheus will continue to supply GE Healthcare with TechneLite, Gallium-67 and Xenon-133 through Dec. 31, 2020.