KNOXVILLE, Tenn., June 22 -- CTI Molecular Imaging Inc., a provider of positron emission tomography (PET) equipment, molecular imaging biomarkers and services, has announced a definitive agreement for the acquisition of Concorde Microsystems Inc., which makes small-animal PET systems for imaging laboratory animals used in medical research.
The transaction is structured as an asset purchase and is expected to close on June 30. The total consideration paid in connection with this acquisition is $41 million in cash and unregistered shares of CTI's common stock, plus the potential for incentive payments that are contingent on the future financial performance of Concorde Microsystems, which is partially owned and operated by the children of Ronald Nutt PhD, president and CEO of CTI Molecular Imaging.
CTI said the acquisition will increase its capabilities in the research and pharmaceutical markets. The company already supplies research isotopes and PET expertise to several pharmaceutical companies. In combination with its PETNET national network of radiopharmacies, CTI said, the acquisition will enable it to accelerate the discovery of new molecular imaging biomarkers for the clinical market.
"Concorde Microsystems has developed the premier technology for performing PET studies on laboratory animals used in basic and medical research. Concorde has the leading franchise in a market with tremendous growth opportunities. Their hardware systems are an excellent complement to the PET isotopes that we offer our research customers," said Thomas J. Hook, president of CTI Solutions and senior vice president of CTI Molecular Imaging.
"More importantly, this is another step in CTI Molecular Imaging's evolution toward a focus on developing new molecular probes and biomarkers for the diagnostic market," Hook said. "We intend to augment our own internal development of these compounds through partnerships with the leading pharmaceutical research organizations in the world."
For more information, visit: www.ctimi.com