Advanced Accelerator Applications ("AAA" or "the Company"), a fast growing international specialist in Molecular Nuclear Medicine (MNM), announced today that it has entered into an agreement to acquire 100% of the shares of Imaging Equipment Ltd ("IEL"), a privately-held UK distributor of nuclear medicine products and technologies, in newly issued AAA shares.
As part of the transaction, IEL's founding shareholders and top management will become shareholders in AAA, which demonstrates the commitment to continuity and the shared common views in terms of development and value creation.
The acquisition gives AAA its first direct presence in the UK and Ireland, expanding its existing services and expertise in nuclear medicine and providing it with an established sales and marketing platform. AAA will also gain the rights in the UK and Ireland to IEL's licensed SPECT radiopharmaceutical diagnostic product, IELMAG3, which is used to image the kidneys and urinary tract. At the end of December 2013, IEL generated sales of £6.77 million, up 58% on the previous year.
Stefano Buono, Chief Executive Officer of AAA, commented: "The acquisition of IEL is in line with our strategy to further expand and strengthen our position in Europe. The UK and Ireland are important markets for both our existing and future products. IEL's specialist expertise and strong presence in these markets is a complementary fit with AAA's business and we look forward to working with their management team to drive the integration and growth in 2014."
Founded in 2001, IEL is a specialist distributor of medical technologies in the UK and Ireland. The company has particular expertise in molecular imaging and nuclear medicine diagnostics for pre-clinical and clinical imaging, and radionuclide therapy. Its customers include a number of key international nuclear medicine companies. In the UK, IEL is the exclusive distributor of AAA's myocardial perfusion PET imaging agent, Cardiogen® and its oncology theragnostic product in development, LuDOTATATE, which has seen real interest in the UK in named patient basis and compassionate use programs, started in April 2013.
Nicholas Stevens, Managing Director of IEL, added: "We are excited to be joining AAA, a prominent and well respected leader in the Molecular Nuclear Medicine market. This partnership will bring considerable benefits to IEL and will significantly strengthen our position in Europe. This all-share agreement demonstrates our confidence in AAA's long term strategy and we are delighted to have the opportunity to be a part of that."
Advanced Accelerator Applications