Telix Pharmaceuticals Limited announced an agreement to acquire RLS (USA) Inc. (RLS), America's only Joint Commission-accredited radiopharmacy network specializing in the distribution of PET, SPECT, and therapeutic radiopharmaceuticals, from its parent company, RLS Group Ltd. The acquisition strengthens Telix's North American manufacturing capacity and sets the foundation for a next-generation radiometal production and distribution network.

Strategic Rationale

The acquisition is in line with Telix's strategy of investing in a vertically integrated supply chain, manufacturing, and distribution network to support the delivery of clinical and commercial radiopharmaceutical products. By acquiring RLS, Telix will enhance its product integrity, expand access to radiopharmaceutical therapies across the U.S., and bolster its partnerships in the radiopharmaceutical sector.

RLS operates 31 licensed radiopharmacies across major metropolitan areas in the U.S. and has over 100,000 square feet of licensed expansion space to meet rising production demand. The acquisition will also allow Telix to deploy its ARTMS QUANTM Irradiation System™ (QIS™) cyclotron technology, enabling scalable, efficient production of critical radiometals for both diagnostic and therapeutic use.

This acquisition will not only strengthen Telix's supply chain resilience but also improve its capacity to meet growing demand, particularly in underserved U.S. markets. Telix plans to leverage RLS’ radiopharmaceutical expertise alongside its own research and development capabilities to deliver high-quality, innovative treatments to more patients.

Business Integration and Future Outlook

RLS will continue to operate as an independent business unit within Telix Manufacturing Solutions (TMS), which includes other key Telix brands such as ARTMS, IsoTherapeutics, and Optimal Tracers. RLS’ established customer base will continue to be served, while the company's geographic presence complements Telix's global manufacturing network, including the Company’s GMP production facility in Belgium.

RLS recorded US$158 million in revenue for FY23, and Telix expects the acquisition to be cost-neutral from an operating cash flow perspective. RLS is already a distributor of Telix’s Illuccix® and the acquisition is expected to be accretive following completion.

Executive Comments

Dr. Christian Behrenbruch, Telix Managing Director and Group CEO, stated:
"Our vision is to build a future-ready radiometal production and distribution network. By integrating the ARTMS platform with RLS' radiopharmacies, we will enhance the availability of critical PET and SPECT diagnostic tracers and therapeutic radiopharmaceuticals across the U.S. This acquisition ensures we maintain the highest standards in product quality, reliability, and patient access, as we expand our offerings."

Stephen Belcher, CEO of RLS, added:
"We are excited to join the Telix Group. With Telix’s support, we will strengthen our capabilities and expand our services, building the radiopharmaceutical company of the future. This is a positive step for RLS, our employees, and our customers."

Deal Terms and Conditions

The purchase price includes an upfront cash consideration of US$230 million, with potential deferred cash consideration of up to US$20 million based on financial and operational performance milestones over the four quarters following closing. The acquisition will be funded through Telix's existing cash reserves.

The transaction is subject to customary closing conditions, including regulatory approvals, RLS shareholder approval, license transfers, and third-party consents. Completion is expected in the first quarter of 2025.