Curium has struck a definitive agreement to acquire fellow radiopharmaceutical company Lantheus Holdings in a transaction valued at as much as $8 billion, the companies said on Monday. The purchase expands Curium's position in the radiopharmaceutical market, a healthcare subsector that uses radioactive compounds for diagnosis and treatment.
Under the terms of the deal, Lantheus shareholders will receive $102.50 per share in cash at closing. They will also hold rights to receive up to an additional $12.00 per share if Lantheus achieves specific sales targets by 2030, which would bring the maximum per-share consideration to $114.50.
The $114.50 figure represents an implied premium of about 14.9% relative to Lantheus's most recent closing price of $99.64. Lantheus stock traded higher in response to the announcement, rising by more than 2% in morning trading.
Industry analysts weighed in on the headline terms. Yuan Zhi of B. Riley Securities said, "The $102.50 upfront is a fair price but not a generous one," noting that the initial cash component landed below some investors' expectations. Justin Walsh of Jones Trading flagged potential regulatory challenges, observing that the transaction could attract "relatively high regulatory scrutiny" because both Curium and Lantheus are prominent suppliers in diagnostic radiopharmaceuticals.
The deal follows earlier market interest in Lantheus. In May, reports indicated the company had been weighing a sale after receiving an offer from Curium that valued Lantheus at about $7 billion.
Lantheus produces diagnostic imaging agents used to detect cancer and other diseases. Its leading product, Pylarify, is a prostate cancer imaging agent used in PET scanning, which employs radioactive tracers to help clinicians locate signs of disease.
Curium, which is backed by private equity firm CapVest Partners, develops and supplies radiopharmaceuticals for both diagnostic and therapeutic purposes. Company officials said the purchase will be financed with a mix of debt and equity. The parties anticipate closing the transaction in the first half of 2027.
The announcement arrives amid heightened merger and acquisition activity in radiopharmaceuticals. Recent transactions in the space have included Bristol Myers Squibb's purchase of RayzeBio for about $4.1 billion, AstraZeneca's acquisition of Fusion Pharmaceuticals in a deal valued at up to roughly $2.4 billion, and Eli Lilly's acquisition of Point Biopharma for about $1.4 billion.
Details about post-closing integration plans, workforce implications, and the specific sales targets that would trigger the contingent consideration were not provided in the announcement.