The Telix Pharmaceuticals Ltd (ASX: TLX) share price is on the move today. This follows the biotechnology company's announcement that it has inked a new lucrative deal.
At the time of writing, the Telix Pharmaceuticals share price is trading for $4.17, up 0.48%.
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What did Telix announce?
According to this morning's release, Telix advised it has entered into an exclusive commercial distribution agreement with Eckert & Ziegler.
Founded in 1997, Berlin-based Eckert & Ziegler is one of the world's largest providers of isotope technology for medical use. The company specialises in cancer therapy, industrial radiometry, and nuclear-medical imaging.
Under the deal, Telix's prostate cancer imaging product, Illuccix, will be supplied to the German market through Eckert & Ziegler. This will occur once the expected marketing authorisation application has been approved by German health authorities. It is expected that the green light will be given sometime in later this year.
Comments from the CEO
Telix CEO Dr. Christian Behrenbruch commented:
We are pleased to have entered this commercial distribution agreement with Eckert & Ziegler so that, subject to German regulatory approval, we will together be able to bring this highly anticipated imaging agent to German patients living with prostate cancer as efficiently as possible.
Eckert & Ziegler executive member of the board, Dr Harald Hasselmann added:
This commercial partnership with Telix will enable us to open the door to state-of-the-art PSMA imaging for the 68,000 men diagnosed with prostate cancer each year in Germany.
Addressable market for prostate cancer in Germany
A published report from Globocan stated that prostate cancer was the most commonly diagnosed cancer across Germany in 2020. Roughly 68,000 cases were recorded last year. That is almost double the rate of lung cancer patients – around 38,000.
The findings also noted that prostate cancer caused the second most common deaths in men in Germany. Over 15,000 men died from the disease in 2020. Additionally, more than 290,000 German men are living with prostate cancer.
Telix share price summary
Telix shares have been an outstanding performer over the last 12 months, gaining close to 200% for shareholders.
Based on today's prices, Telix presides a market capitalisation of roughly $1.1 billion, with approximately 281 million shares outstanding.
