Voyageur signs financing collaboration with Bayer

Executive Summary

• Voyageur Pharmaceuticals Ltd. entered into a collaboration and funding agreement with Bayer, effective February 22, 2026, to evaluate the potential future production of iodine for use in contrast media drugs.
• The agreement provides milestone-based funding of up to $2.35 million (U.S.) to Voyageur, contingent upon the commencement and completion of a feasibility study for an iodine extraction plant in Oklahoma.
• This collaboration follows Voyageur's recent acquisition of iodine intellectual property and aims to position the company as a key participant in the global supply chain for iodine and contrast media, with a goal of becoming the first domestic producer of iodine contrast in the United States.

Key Details

• Agreement Structure: Collaboration and funding agreement effective Feb. 22, 2026.
• Total Funding: Up to $2.35 million (U.S.) in milestone-based payments.
• Payment Milestones:
  • $350,000 (U.S.) initial payment payable upon execution of the agreement.
  • $1.0 million (U.S.) payable upon commencement of the feasibility study.
  • $1.0 million (U.S.) payable upon completion of the feasibility study.
• Exclusivity: Voyageur granted Bayer exclusivity to negotiate an offtake agreement for iodine production resulting from the project.
• Intellectual Property: All IP developed in connection with the project remains exclusively owned by Voyageur.
• Project Scope: Evaluation of potential future production of iodine for contrast media drugs; feasibility study for an iodine extraction plant in Oklahoma.
• Future Phases: Subject to successful feasibility study completion, parties may advance to a second phase involving an offtake-linked production financing arrangement, where Bayer provides capital financing and Voyageur operates/manages the project.
• Related Operations: Voyageur is concurrently working on feasibility studies for its radiology drug production project (barium contrast drugs from Frances Creek project in BC, Canada, and iodinated contrast media from the Anadarko basin in the US).
• Current Status: Initial lab bench testing completed; Voyageur is building a small transportable field unit to generate data for the Bayer project feasibility study, expected to be completed later in 2026.
• Market Context: Global contrast media market estimated at $6.77 billion (U.S.) in 2024, projected to reach $13.86 billion by 2033 (CAGR 8.3%). North American market share estimated at 39.07% ($2.65 billion/year).

Notable Quotes

• "Voyour is pleased to initiate this project to become the first domestic producer of iodine contrast media drugs. Securing the supply chain for radiology drugs is critical for the security of the North American health care industry, and this collaboration can be an important step in this direction." — Brent Willis, CEO and President