Lantheus Medical Imaging (NSDQ:LNTH) said today that it signed the term sheet for a deal with GE Healthcare (NYSE:GE) for the development and commercialization of a positron emission tomography myocardial perfusion imaging agent used to improve the diagnosis of coronary artery disease.
According to the deal, GE Healthcare will fund a 2nd phase III trial evaluating the imaging agent, flurpiridaz F18, and establish a joint steering committee with Lantheus for development and global commercialization. Lantheus will also maintain the option to co-promote the imaging agent in the U.S.
GE Healthcare’s development plan will focus on gaining regulatory approval in the U.S., Japan, Europe and Canada.
The companies anticipate inking a definitive agreement for the proposed deal in the 2nd quarter of 2017, they reported.
“We are excited about the prospect of GE Healthcare being our global partner to complete the development of flurpiridaz F 18 and bring this next generation agent to market, as they touch every level of the PET diagnostic delivery continuum and share our commitment to serving the nuclear medicine community,” Lantheus president & CEO Mary Anne Heino said in prepared remarks. “The collaboration would enable us to participate in the long-term economic success of flurpiridaz F 18. LMI will also continue to advance our other pipeline assets and pursue additional near-term business development opportunities to drive growth.”
Lantheus will receive $5 million upfront and would be eligible for up to $60 million in regulatory and sales milestones payments, as well as tiered double-digit royalties on U.S. sales and mid-single-digit royalties on sales outside the U.S., according to the proposed deal.
“Pursuing this agreement with LMI will further strengthen our nuclear medicine portfolio and demonstrates our commitment to cardiovascular PET imaging,” Emmanuel Ligner, GM of core imaging at GE Healthcare, added. “It is a key focus of our strategy to increase the number of tools at the disposal of clinicians around the world diagnosing and treating patients with cardiovascular disease.”