Telix (ASX:TLX) share price lifts 7% on new distribution agreement

This biopharmaceutical company has a new partnership deal in Spain.

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The Telix Pharmaceuticals Ltd (ASX: TLX) share price is escalating today amid news of a Spanish partnership deal.

At the time of writing, the biopharmaceutical company’s shares are up 7.39% trading at $7.41.

Telix is a Melbourne-based diagnostic and therapeutic company with international operations in Belgium, Japan, Switzerland and the United States.

What’s the deal?

In today’s release, Telix announced it has formed an exclusive commercial agreement with Nucliber, based in Madrid. The Spanish company will distribute Telix’s prostate cancer imaging product Illuccix to the Spanish market.

Illuccix is Telix’s lead product for prostate cancer imaging with approval from the Therapeutic Goods Administration. According to the company, prostate cancer was the most commonly diagnosed cancer in men in Spain in 2020.

Telix said it selected Nucliber due to its track record delivering gallium generators across Spain.

Telix is also working on gaining market authorisation for the use of Illuccix in the United States, Canada and Europe.

Comment from management

Speaking on the announcement, Telix EMEA president Richard Valeix said:

Nucliber is a leading nuclear medicine company in Spain and we are therefore pleased to have entered into this commercial distribution agreement as we prepare for the European launch of Illuccix.

Collaborating with such an established and patient-centric leader in radiopharmaceuticals will help Telix to deliver on the promise of nuclear medicine with the ultimate aim to improve outcomes for Spanish men living with prostate cancer.

Telix share price snapshot

The Telix share price has been skyrocketing in 2021, up 96%. And in the past 52 weeks, it has gained 97%. For comparison, the All Ordinaries Index (ASX: XAO) has returned around 11% in the past year.

Over the past month, Telix shares are up 27%.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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