Press releases | Private Equity & Financial Sponsors, Tax | 01 Jul 2019

Travers Smith advise management in relation to Bracco Imaging’s investment in Blue Earth Diagnostics

Overview

Travers Smith LLP has advised management in relation to the acquisition by Bracco Imaging of Blue Earth Diagnostics, from Syncona Ltd (the investment arm of the Wellcome Trust) and management. Closing of the transaction is subject to customary conditions including US antitrust regulations.

Blue Earth Diagnostics is a molecular imaging company based in Oxford, UK. Blue Earth Diagnostics’ first commercialized product, Axumin® (fluciclovine F 18) injection is a novel molecular imaging agent approved in the United States and the European Union for use in PET imaging for men with suspected recurrent prostate cancer. Axumin is widely available and used across the United States, with more than 50,000 doses administered to date. 18F-Fluciclovine has a broad range of other potential applications in cancer imaging and Blue Earth Diagnostics is investigating the molecule for utility in other cancers, including in neuro-oncology.

Bracco Imaging is one of the world’s leading companies in the diagnostic imaging business. Headquartered in Milan, Italy, Bracco Imaging develops, manufactures and markets diagnostic imaging agents and solutions.

The Travers Smith team was led by Private Equity and Financial Sponsors Partner Adam Orr, assisted by Associates Richard Hornshaw and James Ravden. Tax advice was provided by Partner Hannah Manning.

The selling shareholders were advised by Cameron McKenna Nabarro Olswang LLP.