Roman Didkivskyi
Siemens Healthineers (OTCPK:SEMHF) is looking to pay more than €200M ($224M) to acquire a Novartis (NYSE:NVS) business focused on producing radioactive chemicals for cancer scans, The Financial Times reported Saturday, citing people familiar with the matter.
The transaction for the diagnostic arm of Advanced Accelerator Applications, which Novartis (NVS) acquired in 2017, is expected to close in Q4 2024, pending regulatory reviews and discussions with Novartis’ (OTCPK:NVSEF) works council.
AAA runs Europe’s second-largest network of cyclotrons, which are used to manufacture radioactive compounds that help in cancer detection through positron emission tomography (PET) scans.
Siemens Healthineers (OTCPK:SMMNY) said that the transaction will help expand its US-based PET radiopharma business in Europe. With radioactive compounds having a short half-life, the German MedTech highlighted the importance of bringing manufacturing closer to patients.
Novartis (OTCPK:NVSEF) decided to sell AAA’s diagnostics business last year following a $3.9B deal to acquire the French cancer specialist.
