Diagnostic services provider Alliance Medical Group has signed an agreement to buy molecular imaging agents developer Piramal Imaging along with all its businesses.

Alliance Medical is a division of South Africa-based Life Healthcare Group. It provides diagnostic imaging services across the UK, Norway, Ireland, Finland, Italy, Germany, Spain and the Netherlands.

In addition, the company manufactures and distributes radiopharmaceutical products as part of its goal to provide sustainable, quality and cost-effective healthcare.

“We are now able to offer a wider range of services to meet our customers’ needs.”

Piramal Imaging develops and commercialises molecular imaging agents targeted at unmet clinical needs across neurological, oncological and cardiovascular conditions globally.

The firm’s lead product is a radiopharmaceutical called Neuraceq (florbetaben F18) indicated to aid in the diagnosis of Alzheimer’s disease.

The acquisition is expected to bolster Alliance Medical’s molecular imaging capabilities by complementing its PET/CT scanning and radiopharmacy facilities services in Europe and providing access to new markets.

Alliance Medical Group Molecular Imaging managing director Howard Marsh said: “We are now able to offer a wider range of services to meet our customers’ needs, including the development, production and imaging services for new radiopharmaceuticals under the Life Healthcare brand.”

After the completion of the transaction, Piramal Imaging will be rebranded and integrated into Life Radiopharma under the Life Brand.

The combined business will comprise of cyclotrons, radiopharmacies and imaging services, and is expected to enhance access to imaging agents as well as integrated biomarkers and imaging facilities for clinical trials.

Also, the business will deliver preclinical and clinical contract radiopharmaceutical research activities through its operations in Berlin, Germany.

Piramal Imaging Board director Ludger Dinkelborg said: “The combination provides us more opportunities to move forward with important products, such as Neuraceq for beta-amyloid imaging and our investigational tracer PI-2620 for tau imaging in patients with neurocognitive decline, and to develop our research pipeline.”