Stock in S&P/ASX 200 Index (ASX: XJO) biopharma company Telix Pharmaceuticals Ltd (ASX: TLX) is in the red on news of a major artificial intelligence (AI) acquisition.
The developer of diagnostic and therapeutic radiopharmaceuticals has agreed to snap up Dedicaid Ââ an AI-powered clinical decision support software platform (CDSS).
The Telix share price is slipping on the back of the announcement. It’s currently down 2.02%, trading at $10.18.
Letâs take a closer look at the acquisition the ASX 200 companyâs chief scientist says is capable of âsuperchargingâ its AI offering.
ASX 200 healthcare stock slips on AI acquisition
The Telix share price is falling after the company unveiled what could be a 2.2 million Euro ($3.7 million) acquisition.
Dedicaid â a spin-off of the Medical University of Vienna â is capable of generating indication-specific CDSS applications for use with positron emission tomography (PET) and other imaging methods.
It differs from other available AI solutions in its ability to predict outcomes like the severity of disease and the risk to a patient. It can even help inform treatment decisions.
Thatâs thanks to the automated machine learning (AutoML) engine powering the platform â effectively meaning itâs a âzero codeâ solution.
Thus, the time, cost, and level of expertise required to build, test, and validate new CDSS applications is greatly reduced. It also smooths development and regulatory pathways.
The CDSS applications able to be generated through the platform are expected to complement Telixâs radiopharmaceutical pipeline.
Telix chief scientist Dr Michael Wheatcroft commented on the news driving the ASX 200 stock, saying:
This acquisition provides Telix with a powerful AI development platform that greatly enhances our ability to rapidly generate new applications from clinical imaging data.
These applications have the potential to assist clinicians in predicting disease progression and treatment response, thus supercharging and differentiating Telixâs AI offering.
It is also intrinsically aligned to the philosophy behind theranostics – which is to use the insights from medical imaging to inform and guide an optimal treatment pathway.
Telix will buy Dedicaid for 1.1 million Euro ($1.8 million) â paid in scrip. A further 1.1 million Euro earn-out is subject to United States regulatory approval.
The company is aiming to finalise validation activities and regulatory submissions for the AI platform this year.
Telix share price snapshot
The Telix Pharmaceuticals share price has taken off in 2023.
The stock is currently around 41% higher than it was at the start of the year. It’s also gained 136% since this time last year.
For comparison, the ASX 200 has risen 5% year to date and 1% over the last 12 months.
The post Guess which ASX 200 healthcare stock just made a âpowerfulâ AI acquisition appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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