Curium acquires Lantheus for $8B

Curium, a private equity-backed radiopharmaceutical company, has agreed to acquire Lantheus Holdings in a deal valued at up to $8 billion. Under the terms, Lantheus shareholders will receive $102.50 per share in cash at closing, plus contingent value rights of up to $12 per share tied to sales milestones through 2030, for a maximum consideration of $114.50 per share. The transaction represents a premium of about 14.9% over Lantheus' last closing price and is expected to close in the first half of 2027, subject to shareholder and regulatory approvals. The combined company will span the nuclear medicine value chain, from isotope production to diagnostic imaging and targeted radionuclide therapy, serving oncology, neurology, and cardiology patients across more than 70 countries. Lantheus' board unanimously approved the deal after reviewing strategic alternatives. The acquisition will be financed through a mix of debt and equity. Lantheus will continue operating independently until closing and will become privately held thereafter. The deal follows a series of radiopharmaceutical acquisitions, including Bristol Myers Squibb's purchase of RayzeBio, AstraZeneca's acquisition of KC Pharmaceuticals, and Eli Lilly's acquisition of Point Biopharma. Lantheus has also recently acquired Evergreen Theragnostics, Meilleur Technologies, and Life Molecular Imaging. The FDA recently declined to approve Lantheus' LNTH-2501 application due to manufacturing issues, and Lantheus and Eli Lilly abandoned a PSMA-directed therapeutic program after an unfavorable trial readout.