A spin-off company from TRIUMF, Canada’s particle accelerator centre, has been acquired by Australian biopharma company Telix Pharmaceuticals.
Vancouver’s ARTMS, an innovator in the medical isotopes space, was acquired in a recent US$82 million deal.
“ARTMS is a tremendous example of how federal support for fundamental science can spur innovation and deliver real impact for Canadians and people around the world,” believes Nigel Smith, chief executive of TRIUMF.
Through the acquisition, ARTMS gains resources that will enable it to expand the deployment of its technology, according to a statement released by TRIUMF.
“In response to a global isotope crisis triggered by the closing of the NRU reactor in Chalk River, ARTMS developed a unique technology that produces the world’s most-used diagnostic imaging isotopes,” says cofounder Dr. Paul Schaffer. “We turned a major global challenge into an opportunity, and today what we do is fortifying isotope supply chains and empowering research on new, life-saving medical isotopes.”
As the largest-ever acquisition of a TRIUMF spin-off company, the deal stands as a symbol of the role of major science facilities in driving innovation and technological breakthroughs for the benefit of Canadians, according to Kathryn Hayashi, CEO of TRIUMF Innovations, the organization’s commercialization arm.
“ARTMS is the result of the public and private sector working together to bring innovation to the world,” stated Hayashi. “Canada needs major infrastructure and national communities of experts and innovators like those that exist at TRIUMF to support and launch companies like ARTMS.”
The company’s 15-year journey from lab bench to market success has been made possible by a system of federal funding initiatives, including the NISP and ITAP programs, and funding from early-stage investor Quark Venture – Global Health Science Fund.
“ARTMS’ story is a powerful example of what we can accomplish when we invest in fundamental science and work together,” Hayashi said.
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