Established in 2014 and based in Oxford, Blue Earth Diagnostics is involved in the development and commercialization of novel PET imaging agents

The deal is also comprised of closing adjustment, which is estimated at $25m (£19.7m).

Blue Earth Diagnostics CEO Dr Jonathan Allis said: “Bracco Imaging’s global footprint and clinical research and marketing support will enable us to further leverage our high-value platform for innovative radiopharmaceuticals to inform clinical management and guide care for cancer patients around the world.”

Axumin (F18-fluciclovine) injection is the first novel PET molecular imaging agent developed by Blue Earth Diagnostics.

It secured approval in the US and the European Union for PET imaging in men with suspected recurrent prostate cancer based on elevated prostate specific antigen (PSA) levels following prior treatment.

Blue Earth’s portfolio is comprised of prostate specific membrane antigen (PSMA)-targeted radiohybrid (rh) agents, which are a clinical-stage and investigational class of theranostic compounds that can be used in both imaging and prostate cancer applications.

The F18-fluciclovine is said to have a range of other potential applications in cancer imaging, including neuro-oncology.

Subject to customary closing conditions, the deal is expected to be completed in the third quarter of this year.

Blue Earth Diagnostics will run as a subsidiary of Bracco Imaging with the same name under the current leadership team, upon completion of the deal.

Bracco Imaging CEO Fulvio Renoldi Bracco said: “Blue Earth Diagnostics’ innovative products and pipeline will significantly enhance Bracco Imaging’s portfolio in precision medicine and personalized diagnostics, while expanding our range of nuclear oncology imaging solutions in the Urology segment and other specialties.”

Bracco Imaging, part of the Bracco Group, is a major diagnostic imaging business involved in the development, manufacturing and marketing of diagnostic imaging agents and solutions.

Bracco Imaging provides a product and solution portfolio for all major diagnostic imaging modalities, including X-ray imaging, magnetic resonance imaging (MRI), contrast enhanced ultrasound (CEUS), and nuclear medicine through radioactive tracers.