Lantheus announces plans to divest SPECT imaging business
Lantheus Holdings Inc. on Tuesday announced plans to divest its single photon emission computed tomography (SPECT) business to focus on other areas of the company.
Janesville, Wisconsin-based nuclear fusion firm Shine Technologies is the buyer, issuing an upfront cash payment under terms of the deal. The company also will issue a note convertible into Shine preferred stock, along with possible future payouts for hitting certain milestones.
Lantheus said the sale will allow it to focus on the company’s growing portfolio of PET imaging agents and microbubbles, along with advancing its pipeline of radiopharmaceuticals.
“While the SPECT business has been a foundational part of Lantheus’ nearly 70-year history, we believe it is the right time for this business and its outstanding employees to continue driving success with Shine, a company well-positioned to ensure its long-term growth and positive patient impact,” CEO Brian Markison said in a statement May 6.
Under terms of the “definitive” agreement, Shine will add Lantheus SPECT diagnostic agents including Technelite, Neurolite, Xenon-133, and Cardiolite. Shine also will acquire the portion of Lantheus’ North Billerica, Massachusetts, campus that manufactures these products, along with SPECT-related Canadian operations. Boards of both companies have already approved the deal, which is expected to close by the end of 2025, subject to other conditions.
In a separate announcement, Shine said the two companies share a “commitment to ensuring consistent patient access to critical medical isotopes.” The company believes it can create “powerful synergies” by combining Shine’s fusion-based isotope manufacturing technology with Lantheus’ established market channels.
Lantheus is seen as a “market leader” in U.S. production of technetium-99, a medical isotope used in nuclear imaging procedures. Its SPECT agents are used for imaging of the heart, lung, thyroid, bladder and more, Shine noted.
“Our companies have a long history of partnership, and we have admired Lantheus' commitment to ensuring patient access to essential medical radioisotopes,” Founder and CEO Greg Piefer, PhD, said in the announcement. “By integrating Lantheus' SPECT business and talented team with our company, we will expand our product portfolio, accelerate our path to market for our planned suite of isotopes and increase our market share—ultimately ensuring greater access to these lifesaving products for patients."
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.