1d ago
Curium to acquire Lantheus for USD 8b to build global radiopharmaceutical powerhouse
Curium, the Boston-headquartered global radiopharmaceutical company controlled by private equity firm CapVest Partners LLP, has agreed to acquire Lantheus Holdings (Nasdaq: LNTH) in an all-cash transaction valued at up to USD 8.0 billion, combining Curium's theranostics manufacturing platform with Lantheus's established US radiodiagnostics commercial franchise. The deal gives Curium immediate scale in the US market across oncology, neurology, and cardiology, spanning more than 70 countries upon close. In addition, the acquisition accelerates Curium's transition from a manufacturing-focused radiopharmaceutical supplier to a fully integrated commercial radiopharmaceutical company.
Under the terms of the definitive agreement, Curium US Holdings LLC will pay Lantheus shareholders USD 102.50 per share in cash at closing, plus non-transferable contingent value rights (CVRs) of up to USD 12.00 per share, for total per-share consideration of up to USD 114.50. The CVRs are tied to aggregate sales milestones across three commercial franchises through 2030: global prostate cancer diagnostics, global neurology diagnostics, and the DEFINITY cardiac ultrasound business. The transaction represents a 38% premium to Lantheus's unaffected 60-day volume-weighted average price as of May 21, 2026. Financing will combine debt and equity, with no financial conditions attached. Closing is expected in the first half of 2027, subject to Lantheus shareholder approval and regulatory clearances.
The acquisition brings three strategic Lantheus franchises: Piflufolastat F-18 (PYLARIFY), the leading PSMA-PET imaging agent in prostate cancer; tau PET candidate florzolotau F-18, currently under US FDA review; and LNTH-1095, a PSMA-targeted radioligand therapy candidate that complements Curium's own Phase III radioligand program. Curium's US market ambitions in radioligand therapy were sharpened in June 2026 when it cleared a patent dispute against Novartis that had blocked its Lu-177 dotatate product from entering the US, and the company had separately committed EUR 32 million to build a European ¹⁷⁷Lu-PSMA-I&T production line at its Saclay facility.
The acquisition continues rapid consolidation in radiopharmaceuticals following Regeneron's USD 4.3 billion partnership with Telix Pharmaceuticals and Eli Lilly's acquisition of POINT Biopharma . Curium's primary US competitors in PSMA-targeted diagnostics and therapy include Novartis, whose lutetium Lu-177 vipivotide tetraxetan (Pluvicto) holds the only currently approved PSMA-targeted radioligand therapy indication, and Eli Lilly, which acquired POINT Biopharma's Lu-PNT2002 program. The contingent value rights tie part of the consideration to future commercial performance, reflecting the importance of sustaining growth across Lantheus's leading imaging franchises after closing.
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Summary
Curium, the Boston-headquartered global radiopharmaceutical company controlled by private equity firm CapVest Partners LLP, has agreed to acquire Lantheus...