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GE Healthcare has sold its entire U.S. radiopharmacy network to privately owned nuclear medicine firm Radioisotope Life Sciences, the pair announced late Monday.
The Tampa, Florida, company now has 31 pharmacies across 18 states, vaulting it to the top of the food chain as the largest pure molecular imaging firm in the nation, according to the announcement.
The financial terms of the agreement were not disclosed. Boutique financial advisory company Capitor structured the deal, three years in the making, which includes a minority ownership by Preceptive Advisors. The latter is a $7 billion healthcare-focused investment firm located in New York.
“I was intrigued and excited about the possibilities of this healthcare acquisition, beyond the financial aspects of the transaction,” Werner Gruner, chief executive of RLS and founder of Capitor, said in a statement. “I have spent my career providing white-glove investment advisory services to global clients and always believed that customers, no matter the industry, not only deserve, but have a right to demand personalized, timely, high-end service.”
The radiopharmacies will continue to supply GE Healthcare molecular imaging products thanks to a 10-year distribution agreement leveraged by RLS. Nearly 500 GE employees will be brought in to work for the nuclear medicine giant.
Chief Investment Officer Jaco van Niekerk said the company will also invest $2 billion over the upcoming decade to expand its pharmacy footprint, while also focusing on the latest technological advancements.
“RLS is committed to delivering life-saving quality diagnostics and treatment to patients across the nation,” van Niekerk said Sept. 1. “To that end, and in light of what we are uncovering regarding the potential long-term effects of organ damage caused by COVID-19, we have instituted a special task force focused on accommodating what could be a surge in demand for specialized diagnostic services.”