Voyageur Pharmaceuticals Ltd. (TSX.V: VM) has announced the engagement of Fluor Corporation, a global engineering and construction firm, to complete feasibility studies for two strategic projects that advance the company's vertically integrated North American supply chain for radiology contrast drugs. The studies cover an iodine extraction and production facility in Oklahoma, developed in collaboration with Bayer AG, and Voyageur's planned integrated iodine and barium contrast drug manufacturing plant.
The iodine project feasibility study, budgeted at US$2,350,000, will assess the proposed facility using Voyageur's patent-pending Meuller process to extract high-purity iodine from oilfield brine. This initiative is part of a milestone-based funding agreement with Bayer, announced in February 2026. The second study will evaluate Voyageur's integrated pharmaceutical manufacturing facility, which is expected to produce finished barium and iodine-based contrast media products using domestically sourced iodine and high-purity barite from the company's 100%-owned Frances Creek deposit in British Columbia.
According to the company, this integrated approach would create the first fully "Earth-to-Bottle" contrast media platform in North America, reducing reliance on foreign supply chains. "We are thrilled to partner with Fluor to de-risk and accelerate these projects," said Brent Willis, CEO of Voyageur Pharmaceuticals. "With the iodine initiative and Fluor’s technical expertise, we are moving decisively toward securing North America’s supply chain for critical medical imaging drugs."
Fluor's expertise in process engineering, project economics, and industrial facility design will ensure the studies meet technical, environmental, and economic standards required for project financing and regulatory approvals. The studies are expected to be completed in early 2027, potentially leading to a construction decision later that year.
The dual feasibility studies build on Voyageur's recent progress, including Health Canada-approved barium contrast products already generating commercial sales. Subject to successful completion of the iodine feasibility study, Voyageur and Bayer may advance the project into a subsequent phase with an offtake-linked production financing arrangement, where Bayer could provide capital financing while Voyageur operates the project.
Voyageur Pharmaceuticals is focused on becoming a low-cost, vertically integrated producer of barium and iodine active pharmaceutical ingredients and finished imaging contrast agents. By owning its raw material sources and proprietary processing technologies, the company aims to deliver lower operating costs and a reliable North American supply chain for critical medical imaging agents, reducing geopolitical and shortage risks for hospitals and patients in the United States and Canada.
Further information about the company and its projects is available at https://voyageurpharmaceuticals.ca.
