US-based radiopharmaceutical company Lantheus has announced a definitive agreement to acquire clinical-stage radiopharma contract development and manufacturing organisation (CDMO) Evergreen Theragnostics.
Lantheus will make an upfront payment of $250m, with the potential for an additional $752.5m in milestone payments. This marks Lantheus’ fifth acquisition since January 2024, as it expands its radiopharma capabilities.
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The acquisition provides Lantheus access to Evergreen’s radioligand therapy (RLT) manufacturing infrastructure, which includes a revenue-generating contract manufacturing business. The company expects this will help supply its clinical trials, scale production for commercial launches, and reduce reliance on third-party manufacturing partners.
The deal also brings Octevy, a registrational-stage PET diagnostic being evaluated for detecting neuroendocrine tumours in both adults and paediatric patients. Lantheus said that Octevy could be seen as complementary to PNT2003 (lutetium Lu 177 edotreotide), one of the company’s therapeutic agents co-developed with POINT Biopharma, which is currently in Phase III testing for neuroendocrine tumours.
Using radioactive isotopes to diagnose and treat diseases, radiopharmaceuticals have recently gained traction due to their potential in oncology and other indications. However, their development and manufacturing require specialised infrastructure, stringent regulatory compliance, and just-in-time delivery to ensure product efficacy.
Manufacturing radiopharmaceuticals has been a key challenge for companies in this space. In August 2023, Lantheus’s subsidiary Progenics discontinued the production of the approved radiopharmaceutical Azedra at its site in Somerset, New Jersey, due to “the combination of limited usage and fixed costs associated with the manufacturing of Azedra”, which made it untenable, as per an SEC filing.
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By GlobalDataWith this latest deal, Lantheus noted that Evergreen’s facility is equipped to handle various diagnostic and therapeutic isotopes.
Lantheus’ CEO Brian Markison said: “With Evergreen’s manufacturing and development capabilities, we become fully integrated and will ultimately make a difference in the lives of more patients.”
This acquisition follows a series of recent transactions by Lantheus aimed at expanding its radiopharmaceutical pipeline. In July 2024, the company acquired Meilleur Technologies, gaining access to an Alzheimer’s PET diagnostic for detecting beta-amyloid plaques in the brain. Earlier this month, Lantheus agreed to acquire Life Molecular Imaging for an upfront payment of $350m, which is expected to support commercial expansion into Alzheimer’s disease diagnostics.
The broader radiopharma sector has seen increased investment and consolidation in recent years. In November 2024, Novartis partnered with US-based startup Ratio Therapeutics in a $745m deal to develop a somatostatin receptor 2 (SSTR2) radiotherapeutic for cancer treatment.
In May 2024, Novartis acquired Mariana Oncology for $1.75bn, adding radioligand therapy MC-339 to its pipeline. Other major pharma companies such as Bristol Myers Squibb (BMS) and Eli Lilly have also entered the arena, with acquisition deals worth $4.2bn and $1.4bn, respectively.
Venture capital investment for US-based companies with radiopharmaceutical drugs saw a rise of 550% between 2017 and 2023, according to GlobalData.
GlobalData is the parent company of Pharmaceutical Technology.
