Siemens Healthineers has finalized the acquisition of the Advanced Accelerator Applications Molecular Imaging from Novartis. The company will be known as Advanced Accelerator Applications, a Siemens Healthineers company.

The acquired business is a European manufacturing and distribution network of diagnostic radiopharmaceuticals for positron emission tomography (PET) scans.

The transaction includes the manufacturing and distribution network of Advanced Accelerator Applications Molecular Imaging, its workforce of approximately 420, its established product portfolio, and relationships with radiology and imaging developers.

“The radiopharmaceutical sector is at an inflection point thanks in large part to innovation in the pharmaceuticals space, with PET serving as a gateway to patient eligibility for many of the new cancer and neurodegenerative-disorder therapies,” said Jim Williams, head of Molecular Imaging at Siemens Healthineers. “But even the greatest therapy is of no use unless you can get it to patients in time, so we’re excited to be adding the molecular imaging capabilities of Advanced Accelerator Applications, its first-class operations, extensive experience in nuclear medicine, and proven track record.”

The acquisition complements the Siemens Healthineers PETNET Solutions network of 47 PET radiopharmacies, primarily in the U.S., with an additional 13 manufacturing sites across France, Spain, Portugal, Italy, and Germany, and product distribution into Switzerland.