Syncona announced the sale of Blue Earth Diagnostics to Bracco Imaging for $476 million in June 2019, and delivered a 10x return on Syncona's original investment of £35.3 million.

Blue Earth Diagnostics was founded in March 2014 to develop and commercialise molecular imaging agents, addressing areas of high unmet medical need. The company’s first approved and commercially available product, Axumin®, is clinically proven to target and image prostate cancer cells. Axumin was reviewed by the US Food and Drug Administration and was granted US regulatory approval in Q2 2016. Marketing authorisation in Europe was granted by the European Medicines Agency in Q2 2017.

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Company details

CEO:

Jonathan Allis

President, BED Inc.:

Mike Heslop

Syncona Representatives:

Martin Murphy
Elisa Petris

Jonathan Allis

Chief Executive Officer

“Syncona partners have enabled us to take an undervalued asset out of a major healthcare company, and turn it into an exceptional business opportunity. I have found Syncona Partners to be genuinely interested in our business, rather than just the financials. They have provided major commercial and marketing insights, and helped us to build a better business.”

Patients diagnosed by Axumin since launch in 2017

50,000

Patients undergoing an Axumin scan who had a change in management

59%

Sale to Bracco (generated 10x multiple of original cost)

$476.3m

IRR for Syncona

87%

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