In morning trade, the Telix Pharmaceuticals Ltd (ASX: TLX) share price is on the rise.
At the time of writing, the biopharmaceutical company's shares are up 3% to $6.52.
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Why is the Telix share price rising today?
Investors have been bidding the Telix share price higher this morning following the release of a positive update.
According to the release, the company has entered into an exclusive commercial distribution agreement with Bologna-based Radius for Telix's prostate cancer investigational imaging product Illuccix for the Italian market.
This agreement builds on the support Radius has provided Telix in distributing the product for magisterial use in Italy.
Under the terms of the agreement, Radius will be the exclusive commercial distributor of Illuccix in Italy, an EU5 country, for a period of three years from the national approval date.
This is certainly a good company for Telix to be working with. The release notes that Radius is the market leader in the supply of gallium generators across Italy, a position which enables it to provide a secure supply of the Ga necessary for launching Illuccix. Radius also has the advantage of being a supplier and service provider for cyclotrons and radiotherapy suites across Italy.
Management commentary
Telix's EMEA President, Richard Valeix, commented: "As we prepare for the European launch of Illuccix we are pleased to have entered into this agreement with Radius. Italy is an important market and we look forward to working with Radius to bring this highly anticipated imaging agent to Italian men, living with prostate cancer, once regulatory approval is received. Partnering with such a capable and patient-centric leader in nuclear medicine aligns with Telix's mission of helping patients with cancer live longer, better quality lives."
This sentiment was echoed by Radius CEO, Dr. Mauro Mei. He said: "This commercial partnership with Telix will enable us to open the door to state-of-the-art PSMA imaging for the 39,000 men diagnosed with prostate cancer each year in Italy."
"Given that PSMA imaging represents the latest standard of care for prostate cancer imaging, having recently been included in European and U.S. clinical practice guidelines, we are delighted to be adding Illuccix to our nuclear medicine portfolio and look forward to bringing this product to Italian men in need, upon receipt of regulatory approval," he added.
Following today's gain, the Telix share price is now up 250% over the last 12 months.
