ITM Isotope Technologies Munich SE (ITM), a leading radiopharmaceutical biotech company and Grand Pharmaceutical Group (GP), announced that ITM and a subsidiary of GP have entered into a definitive agreement under which GP will make a EUR 25 million (US $ 28 million) equity investment in ITM. The agreement will further deepen the strategic collaboration between the two companies and support ITM to further expanding its broad pipeline of precision oncology treatments and diagnostics in Greater China.

The equity investment follows the recent licensing agreement between the two companies which provides GP with exclusive rights to develop, manufacture and commercialize ITM’s precision oncology radiopharmaceutical candidates, ITM-11 and ITM-41 as well as ITM-11’s companion diagnostic, TOCscan in mainland China, Hong Kong, Macau and Taiwan.

“We believe GP’s investment reinforces our global leadership position as a radiopharmaceutical developer and manufacturer while providing us with additional strategic support in expanding our presence in Asia with a recognized leader by our side,” commented Steffen Schuster, Chief Executive Officer of ITM. “While we focus on advancing the late-stage development of our lead candidate, ITM-11 in GEP-NET patients, we look forward to further enhancing our global footprint to meet the needs of a growing patient population requiring precision oncology treatments.”

“Targeted Radionuclide Therapies and Diagnostics are a core focus area for us. We believe that ITM, as one of the largest medical radioisotope manufacturers with a broad clinical pipeline and a deep understanding of the clinical landscape, has the ability to usher in a new era of precision medicine,” said Frank Zhou, Chief Executive Officer of GP. “This second agreement is a testament to the strong relationship we have formed, sharing the common goal of providing innovative and high-quality radiopharmaceuticals to the patients we serve.”