Voyageur Pharmaceuticals Ltd. has engaged Fluor Corporation, a global engineering and construction firm, to complete feasibility studies for two strategic projects that will advance the Company’s vertically integrated North American supply chain for radiology contrast drugs. The engagement covers an Iodine Project as part of a collaboration with Bayer and Voyageur’s Integrated Iodine and Barium Contrast Drug Manufacturing Facility. The studies are expected to be completed in early 2027, paving the way for a potential construction decision in 2027.
The Iodine Project involves a feasibility study for a proposed iodine extraction and production facility in Oklahoma, USA, using Voyageur's patent-pending Meuller process, developed in collaboration with Bayer AG under a milestone-based funding agreement announced on February 23, 2026. This project aims to produce high-purity iodine from iodine-rich oilfield brine for use in contrast media drugs. Voyageur has budgeted US$2,350,000 for completion of the Bayer project feasibility study.
The second study focuses on Voyageur’s planned pharmaceutical manufacturing plant that management expects will produce finished barium and iodine-based contrast media products. This facility is expected to integrate Voyageur’s high-purity barite from its 100%-owned Frances Creek barium deposit in British Columbia with domestically sourced iodine, creating the first fully integrated “Earth-to-Bottle” contrast media platform in North America. A final budget for this study will be created after completion of testing of Voyageur's proprietary Streamline iodine drug manufacturing process.
“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. These feasibility studies represent a major milestone in our strategy to become the first fully integrated producer of both barium and iodine contrast agents on the continent.”
The dual feasibility studies build on Voyageur’s recent progress, including its Health Canada-approved barium contrast products already generating commercial sales (see news release dated Aug 21, 2025) and the ongoing Bayer collaboration. Subject to successful completion of the feasibility study and further agreement of the parties, Voyageur and Bayer may consider advancing the project into a subsequent phase under an offtake-linked production financing arrangement. In a potential subsequent phase, Bayer may provide capital financing for the project, while Voyageur would operate and manage the project, subject to definitive agreements.
This engagement with Fluor underscores the importance of these projects for North American healthcare security. Medical imaging contrast agents are critical for diagnosing numerous conditions, and current supply chains rely heavily on foreign sources. By developing domestic production capabilities, Voyageur aims to reduce geopolitical risks and supply shortages, ensuring reliable access to essential pharmaceuticals for hospitals and patients in the United States and Canada. The “Earth-to-Bottle” strategy could lead to lower operating costs and a more secure supply chain, benefiting the healthcare system.
Voyageur Pharmaceuticals (TSXV: VM) is a Canadian company focused on becoming a low-cost, vertically integrated producer of barium and iodine Active Pharmaceutical Ingredients (APIs) and finished imaging contrast agents. The Company has already developed five barium contrast products that hold Health Canada licenses and are currently generating revenue in Canada. By owning 100% of the high-grade, metal-free Frances Creek barite project, the Company controls its own secure, domestic source of pharmaceutical-grade barium sulfate. In parallel, Voyageur’s patent-pending Mueller process enables low-cost extraction of iodine from mineral brine water. Combined with its proprietary Streamline manufacturing technology, the Company plans to process that iodine directly into finished iodine contrast drugs within a single, integrated production chain.
