Biopharmaceutical company Telix Pharmaceuticals Limited (ASX: TLX) and medical device company Mauna Kea Technologies (Euronext Growth: ALMKT) on Monday announced a strategic EUR6.0m (AUD9.6m) investment to enhance the IRiS (Imaging and Robotics in Surgery) Alliance. The collaboration aims to develop hybrid pharmaceutical-device products, combining Telix's cancer-targeting agents with Mauna Kea's Cellvizio surgical endomicroscopy platform, with a focus on urologic oncology.

Mauna Kea's Cellvizio, FDA-approved for intraoperative cancer tissue visualisation, synergises with Telix's radiopharmaceutical portfolio and recent acquisitions (Lightpoint, Dedicaid GmbH).

Telix's investment includes the acquisition of 19.33% of Mauna Kea's ordinary shares in a private placement, closing on 17 November 2023. Telix will purchase 11,911,852 new ordinary shares of Mauna Kea at EUR0.5037 per share (AUD0.85), reflecting a 10% premium over the preceding 10-day VWAP. Post-closing, Telix will own 19.33% of the share capital and 19.01% of the voting rights of Mauna Kea.

Mauna Kea Technologies specialises in the real-time in vivo cellular imaging platform, Cellvizio. This platform enables physicians to visualize disease progression, assess reactions in real-time, classify areas of concern and guide surgical interventions.

Telix is focussed on diagnostic and therapeutic radiopharmaceuticals and associated medical devices. Headquartered in Melbourne, Australia, with global operations, Telix is addressing unmet medical needs in oncology and rare diseases. Telix's lead product, gallium-68 (68Ga) gozetotide, has received FDA, TGA and Health Canada approval.