Lantheus deals Australian radiopharmacy supply biz to GMS

Lantheus Medical Imaging (NSDQ:LNTH) said yesterday it is selling its Australian radiopharmacy servicing business to Global Medical Solutions.

As part of the deal, Lantheus and GMS entered into a long-term supply and distribution contract, with Lantheus supplying GMS and its affiliates with its products, with associated product purchase commitments.

“This transaction simplifies our service and distribution model in Australia and expands the international reach of our products. Our agreements with GMS align with our business strategy to continually look for opportunities to improve operational efficiencies and customer service. Through our long-term supply and distribution agreement with GMS, we will continue to provide industry-leading nuclear medicine products and contrast agents to healthcare providers and their patients in Australia as well as a number of other international markets served by GMS. We look forward to working closely with GMS to execute a seamless transition for customers, patients, suppliers and employees,” Lantheus CEO Mary Anne Heino said in prepared remarks.

The deal includes Lantheus radiopharmacy servicing businesses across Australia which prepare individual doses of single photon emission computed tomography-based radiopharmaceuticals.

“This transaction further expands GMS’s geographical presence in Australia and extends our breath of services and products in that country. Moreover, the transaction adds valued local market expertise to GMS’s existing service offering. Expanding our geographical reach in Australia is an important step for GMS. It strengthens our position as an Australian nation-wide partner with the medical imaging community by adding to our ability to service clients on a local level. We look forward to continuing our long running relationship with Lantheus through our newly solidified commercial arrangement, which we believe will help both companies reach their short and long-term goals,” GMS CEO Haig Bagerdjian said in a press release.

Lantheus said it appointed GMS as a distributor of its radiopharmaceuticals, including nuclear medicine products and cold kits, in Australia and other international markets GMS covers.

In January, Lantheus said it sold its radiopharmacy and Canadian Gludef manufacturing and distribution businesses to Isologic Radiopharmaceuticals for $9m.

As part of the sale, Lantheus and Isologic inked a long-term supply deal which positions Lantheus to supply Isologic with its products on commercial terms, with a set of product purchase commitments included.

The sale included 3 radiopharmacies owned by Lantheus in Dorval and Quebec City, Quebec, and Mississauga, Ontario, as well as a Lantheus-operated radiopharmacy in Vancouver, British Columbia.

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