Terumo (OTC:TRUMY;TYO:4543) announced this week that it has completed the acquisition of Netherlands-based startup Quirem Medical, which is developing microspheres for selective internal radiation therapy (SIRT), a treatment for liver tumors.
Under the terms of the agreement, Terumo acquired 80.1% of the shares of Quirem Medical. This is over and above its current share position of 19.9%, making Quirem Medical now a wholly owned subsidiary of Terumo.
Terumo will make a one-time, up-front payment of $20 million with up to $25 million in additional payments by 2030, based on the achievement of future milestones. Terumo said it will be funded through cash on hand and will not significantly affect the company’s financial projections for the current fiscal year, ending March 31, 2021.
Quirem Medical manufactures QuiremSpheres containing the radioactive isotope Holmium-166, which is being studied for the treatment of unresectable liver cancer. Quirem also produces a low-dose holmium microsphere to help evaluate the biodistribution of microspheres before therapy, and a dosimetry software package
Three of Quirem’s products are CE-Marked and available in Europe, the Middle East and Africa (EMEA). Terumo said in a news release that it intends to launch the holmium platform globally as part of the ongoing expansion of its interventional oncology portfolio.
“The acquisition of Quirem Medical further strengthens our business, expands on our manufacturing and clinical development activities, and complements our comprehensive suite of offerings to support our customers,” said Jim Rushworth, chief commercial officer of Terumo’s interventional systems division.