Curium inks definitive deal to acquire radiopharma rival Lantheus for up to $8B

Curium has reached a definitive agreement to acquire rival radiopharmaceutical firm Lantheus for up to $8 billion, the two announced Monday. 

If finalized, the Boston-based drug manufacturer plans to merge Lantheus with one of its wholly owned subsidiaries. Curium said the transaction will help bring together its own theranostics (therapy + diagnostics) portfolio and manufacturing platform with Lantheus’ complementary U.S. radiodiagnostics business. 

Bloomberg first reported news of the impending transaction on July 27, citing anonymous sources with knowledge of the conversations. Curium Group CEO Renaud Dehareng highlighted benefits of the deal including Lantheus’ “robust” U.S. commercial infrastructure, with this marking his company’s first foray into the States for diagnostic solutions targeting neurology and echocardiography.

“Lantheus is the ideal partner to accelerate what we have been building at Curium,” Dehareng said in a statement Aug. 3. “This combination unlocks an opportunity that neither company could achieve alone, as it positions us to reach significantly more patients and clinicians globally,” he added later. 

Lantheus’ history traces to 1956, when its predecessor, New England Nuclear, was first established. The company was later acquired by Avista Capital Partners and relaunched under the brand name Lantheus Medical Imaging in 2008, later becoming publicly traded in 2015. Its portfolio includes Pylarify, a PET imaging tracer for detecting prostate cancer, Definity, an ultrasound contrast agent for enhancing cardiac scans, and Neuraceq, another PET tracer for estimating brain beta-amyloid levels. Lantheus has faced some business challenges in recent months, including a class action lawsuit filed last year claiming the company has misled investors about the market position of Pylarify. 

Curium, meanwhile, was established by CapVest Partners in 2017, with the global private equity firm remaining the controlling shareholder after the transaction. Curium bills itself as a leading global radiopharma company with expertise in developing, manufacturing and supplying drugs for cancer diagnosis and treatment. Its footprint extends to over 70 countries, with a skilled team of more than 3,800 employees and over 80 manufacturing sites. Its products include Octreoscan, a peptide-based agent for localizing neuroendocrine tumors, and Mo-99/Tc-99m generators sold under brand names such as Tekcis. 

Under terms of the agreement, Lantheus stockholders will receive up to $114.50 per share in cash for an aggregate transaction value of up to $8 billion. This represents a premium of 38% to Lantheus’ 60-day, volume-weighted average share price. The cost factors in an additional $12 per share in “contingent value rights,” tied to certain performance milestones for Lantheus’ commercial portfolio, extending through 2030. Combined, the two companies will serve oncology, neurology and cardiology patients across 70 countries. 

Curium does not need to meet any financial conditions to close the deal, with it planning to bankroll the transaction through a combination of debt and equity. Once the sale closes, Lantheus will cease operating as a publicly traded company. The two sides said they hope to close the transaction sometime in the first half of 2027, subject to satisfying certain conditions including Lantheus shareholder approval and certain regulatory requirements. 

“We believe this transaction is the ultimate validation of what the Lantheus team has built over seven decades of innovation in radiopharmaceuticals,” said Mary Anne Heino, CEO and executive chair of Bedford, Massachusetts-based Lantheus. “Combining strategically with Curium brings together two pioneers with complementary strengths and a shared passion for nuclear medicine.”