Siemens Healthineers announced today that it completed the acquisition of Advanced Accelerator Applications Molecular Imaging from Novartis.
The newly acquired unit is a European manufacturing and distribution network of diagnostic radiopharmaceuticals for positron emission tomography (PET) scans. According to a news release, it will be known as “Advanced Accelerator Applications, a Siemens Healthineers company.”
Reports first surfaced that Siemens Healthineers intended to buy the molecular imaging unit from Novartis in August. The company did not provide financial details, but the Financial Times reported in August that it planned to pay approximately $224 million.
Siemens Healthineers said the acquisition complements its PETNET Solutions network of 47 PET radiopharmacies. This network exists primarily in the U.S., with an additional 13 manufacturing sites across France, Spain, Portugal, Italy and Germany. It also has product distribution going into Switzerland.
PETNET Solutions also manufactures diagnostic agents used for theranostics, a personalized cancer treatment.
Siemens Healthineers said the transaction includes the manufacturing and distribution network of Advanced Accelerator Applications Molecular Imaging. It also includes a workforce of approximately 420 employees, an established product portfolio and relationships with radioligand imaging developers.
“The radiopharmaceutical sector is at an inflection point thanks in large part to innovation in the pharmaceuticals space, with PET serving as a gateway to patient eligibility for many of the new cancer and neurodegenerative-disorder therapies,” said Jim Williams, head of Molecular Imaging at Siemens Healthineers. “But even the greatest therapy is of no use unless you can get it to patients in time, so we’re excited to be adding the molecular imaging capabilities of Advanced Accelerator Applications, its first-class operations, extensive experience in nuclear medicine, and proven track record.”
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