Key Takeaways:
Curium US agreed to acquire Lantheus Holdings for up to $114.50 per share, valuing the radiopharmaceutical company at $8.0 billion and creating a combined entity spanning diagnostics and therapeutics across 70 countries.
"Combining strategically with Curium brings together two pioneers with complementary strengths and a shared passion for nuclear medicine," said Mary Anne Heino, Executive Chair and Chief Executive Officer of Lantheus.
Under the terms, Lantheus shareholders receive $102.50 per share in cash at closing plus non-transferable Contingent Value Rights worth up to $12.00 per share tied to commercial milestones through 2030. The offer represents a 38 percent premium to Lantheus' unaffected 60-day volume-weighted average price, a 29 percent premium to the 30-day VWAP, and a 21 percent premium to the unaffected closing price as of May 21, 2026, the last trading day before media reports of a potential sale. CVR milestones include global prostate cancer diagnostics sales above $950 million up to $1.75 billion, neurology diagnostics above $300 million, and the DEFINITY cardiac ultrasound business above $400 million.
The transaction, expected to close in the first half of 2027, will take Lantheus private and combine Curium's global manufacturing footprint of more than 80 sites with Lantheus' U.S. commercial infrastructure, including PYLARIFY, which helped establish PSMA PET as the standard of care in prostate cancer imaging. Lantheus has suspended its FY 2026 guidance and will not host a conference call for its second-quarter results due August 6.
The Lantheus board conducted a full strategic review with financial advisors, including outreach to multiple third parties and consideration of remaining standalone, before unanimously approving the deal. Morgan Stanley acted as lead financial advisor to Lantheus, with BofA Securities and Solomon Partners also advising. Jefferies led for Curium, with J.P. Morgan and PJT Partners also advising.
Curium, established in 2017 by private equity firm CapVest Partners, was valued at approximately $7 billion in its recapitalization last year. CapVest, which manages $20 billion in assets, remains Curium's controlling shareholder. The combined company will employ more than 3,800 people and operate more than 80 manufacturing sites globally.
Lantheus brings a 70-year legacy in U.S. radiodiagnostics, anchored by PYLARIFY in prostate cancer imaging, DEFINITY in cardiac ultrasound, and Neuraceq in beta-amyloid PET imaging for Alzheimer's disease. The company recently completed its acquisition of Evergreen Theragnostics in April 2026, adding manufacturing infrastructure and theranostic assets, and holds FDA tentative approval for PNT2003, a prostate cancer radiotherapeutic.
The CVR structure ties additional payments to specific sales thresholds. For global prostate cancer diagnostics, payments range from $1.00 per share at sales above $950 million to $2.00 per share at sales above $1.75 billion for the fiscal year ending December 31, 2030. Neurology diagnostics milestones are measured in any of the three fiscal years ending December 31, 2028, 2029, or 2030, with $2.00 per share at sales above $300 million and $1.00 per share above $350 million. The DEFINITY business must exceed $400 million in sales for the fiscal year ending December 31, 2030 to trigger a $1.00 per share payment. There can be no assurance that any CVR payments will be made.
The deal is expected to be financed through a combination of debt and equity and is not subject to any financial conditions. Lantheus will continue to operate as an independent, publicly traded company until closing, after which it will cease to be publicly traded. The transaction requires Lantheus shareholder approval and regulatory clearances.
The radiopharmaceutical sector has drawn increasing deal activity as companies seek to combine diagnostic imaging with targeted therapies. The combined Curium-Lantheus entity will span the full nuclear medicine value chain, from isotope production to diagnostic imaging and targeted radionuclide therapy, placing it against competitors such as Novartis and Eli Lilly in the growing theranostics market.
This article is for informational purposes only and does not constitute investment advice.
