CMS advises sellers in relation to $450m sale of Blue Earth Diagnostics

International law firm CMS has advised the sellers in relation to the sale of Blue Earth Diagnostics to diagnostic imaging business Bracco Imaging.

Bracco Imaging will acquire all outstanding shares of Blue Earth Diagnostics from leading life sciences investor Syncona and management shareholders for an equity value of $450 million, plus closing adjustment estimated at $25 million. Subject to customary closing conditions, completion of the transaction is expected in Q3 2019.

Blue Earth Diagnostics is a leading molecular imaging diagnostics company focused on the development and commercialisation of novel PET imaging agents to inform clinical management and guide care for cancer patients in areas of unmet medical need. The company's first approved and commercially available product is Axumin® (F18-fluciclovine), a novel molecular imaging agent approved in the United States and European Union for use in PET imaging to detect and localise prostate cancer in men with a diagnosis of biochemical recurrence.

The acquisition will give Blue Earth Diagnostics access to Bracco Imaging’s global footprint and clinical research and marketing support, enabling it to expand the reach of its high-value platform of innovative radiopharmaceuticals to inform clinical management and guide care for cancer patients around the world.

Corporate partner Simon Morgan led the CMS team advising the shareholders, supported by partner Niall McAlister, senior associate Theo Godfrey and associate Jennifer Lloyd. Travers Smith advised the management team.