Terumo (OTC:TRUMY;TYO:4543) announced this week that it has completed the acquisition of Netherlands-based startup Quirem Medical, which is developing microspheres for selective internal radiation therapy (SIRT), a treatment for liver tumors.
Under the terms of the agreement, Terumo acquired 80.1% of the shares of Quirem Medical. This is over and above its current share position of 19.9%, making Quirem Medical now a wholly owned subsidiary of Terumo.
Terumo will make a one-time, up-front payment of $20 million with up to $25 million in additional payments by 2030, based on the achievement of future milestones. Terumo said it will be funded through cash on hand and will not significantly affect the company’s financial projections for the current fiscal year, ending March 31, 2021.
Quirem Medical manufactures QuiremSpheres containing the radioactive isotope Holmium-166, which is being studied for the treatment of unresectable liver cancer. Quirem als…