Five V backs Australia radioactive drug maker
Australia’s Five V Capital has confirmed an investment of undisclosed size in Cyclotek, a radioactive drug maker positioning itself as part of an industry transition toward personalized medicine.
Cyclotek specializes in radiopharmaceuticals for positron emission tomography (PET). These drugs are referred to as “tracers” because their radioactive properties can reveal metabolic and biochemical functions when scanned with a PET machine. PET scanners resemble whole-body CT scanners and are typically used to reveal cancers.
This is the seventh investment from Five V’s fourth flagship fund, which closed on AUD 550m (USD 348m) in 2021. Fund V launched earlier this year with a target of AUD 700m. Assets under management now exceed AUD 1.5bn.
The private equity firm usually backs deals of AUD 50m-AUD 100m, taking control and minority stakes with a view to helping scale businesses beyond Australasia. The firm described Cyclotek – which is active in New Zealand as well as Australia - as a market leader. It will partner with existing management as part of the growth plan, according to a social media post.
Founded in 2021, Cyclotek produces 11 PET radiopharmaceuticals for clinical, research and clinical trials, including a number of proprietary tracers under contract to pharmaceutical companies. The company is also involved in delivery logistics and to this end recently partnered with a local electric vertical take-off and landing (eVTOL) aircraft developer V-Star Powered Lift Aviation.
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