On October 18, 2023, ITM Isotope Technologies Munich SE ("ITM"), a leading radiopharmaceutical biotech company, and Canadian Nuclear Laboratories ("CNL"), which manages and operates the national laboratory at Chalk River, Ontario on behalf of Atomic Energy of Canada Limited ("AECL"), announced the launch of Actineer™ Inc., a new joint venture company between CNL and ITM for the industrial scale production of Actinium-225 (225Ac).
As a rare alpha-emitting medical radioisotope, 225Ac is quickly gaining attention across the precision oncology field due to its significant potential as a powerful new weapon in the fight against cancer. The joint venture is intended to fulfill the unmet global manufacturing and production needs of this coveted radioisotope.
Under the terms of the agreement, Actineer will advance 225Ac production and processing technologies to establish short-term production capabilities of the medical isotope that will significantly boost international supplies, while working long-term towards the construction of a new Actinium Production Facility (APF) that will feature dedicated large-scale infrastructure to produce 225Ac.
The collaboration also encompasses the development and implementation of the manufacturing process to be used at the APF. CNL will provide the starting material for irradiation and initially manage the production process during the interim scale of radiochemical grade 225Ac supply, while ITM will further process the resulting 225Ac to pharmaceutical grade under Good Manufacturing Process (GMP) specifications. ITM will also be responsible for global marketing, sales, and distribution, which will be supported by its well-established global sales network.
The joint venture remains subject to further closing conditions expected to be satisfied in early 2024.
Gowling WLG advised ITM with respect to this joint venture with a team led by Marcus Hinkley, and that included Ahab Abdel-Aziz and Magda Hanebach (nuclear), Anita Nador (IP/life sciences), Joseph McDonald and Ovo Efemini (corporate), Ian Macdonald and Elad Gafni (competition), Michael Bussmann and Mariam Al-Shikarchy (tax) and Matthijs van Gaalen (lending), assisted by law clerks Charmaine Craig and Rhena Verayo and legal assistant Karen Gorman.