Acquisition of ARTMS, TRIUMF medical isotope spinoff, demonstrates value and impact of Canada's major research facilities
$82.5M deal will expand international reach of made-in-Canada technology and increase Canadian-based production of isotopes that detect and treat cancer, other diseases
VANCOUVER, BC, April 11, 2024 /CNW/ - ARTMS Inc, originally a spin-off company from TRIUMF, Canada's particle accelerator centre, has been acquired by leading biopharma company Telix Pharmaceuticals in a US$82M deal that will expand the deployment of ARTMS' technology, supporting increased production of life-saving radiopharmaceuticals that can diagnose and treat cancer and other diseases.
"ARTMS is a tremendous example of how federal support for fundamental science can spur innovation and deliver real impact for Canadians and people around the world," said Nigel Smith, TRIUMF CEO and Executive Director. "Uniting 21 member universities and extensively connected to industry, TRIUMF is uniquely positioned to address the needs of Canada's R&D communities and advance the fundamental research that underpins our national innovation ecosystem."
As the largest-ever acquisition of a TRIUMF spin-off company, the deal stands as a striking symbol of the role of major science facilities in driving innovation and technological breakthroughs for the benefit of Canadians. ARTMS' success, which has been directly enabled by decades of federal and provincial investment in infrastructure and expertise at TRIUMF, also serves to retain Canada's status as a major player in the global life sciences innovation ecosystem.
"In response to a global isotope crisis triggered by the closing of the NRU reactor in Chalk River, ARTMS developed a unique technology that produces the world's most-used diagnostic imaging isotopes" Said Dr. Paul Schaffer, Director of TRIUMF Life Sciences and a founder of ARTMS. "We turned a major global challenge into an opportunity, and today what we do is fortifying isotope supply chains and empowering research on new, life-saving medical isotopes."
The company's 15-year journey from lab bench to market success has been made possible by a system of federal funding initiatives, including the NISP and ITAP programs, and funding from early-stage investor Quark Venture – Global Health Science Fund. The effort leveraged both a TRIUMF-led consortium of national partners including BC Cancer, the Centre for Probe Development and Commercialization, and Lawson Health Research Institute and TRIUMF's world-leading infrastructure and particle accelerator facilities in Vancouver.
"ARTMS is the result of the public and private sector working together to bring innovation to the world," said Kathryn Hayashi, CEO of TRIUMF Innovations, TRIUMF's commercialization arm. "Canada needs major infrastructure and national communities of experts and innovators like those that exist at TRIUMF to support and launch companies like ARTMS. ARTMS' story is a powerful example of what we can accomplish when we invest in fundamental science and work together."
SOURCE TRIUMF
Media contact: TRIUMF, Stu Shepherd, Head, Communications, [email protected], +1.604.222.7528
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