Curium to Acquire Lantheus in Eight Billion Dollar Radiopharmaceutical Mega-Deal

Curium has agreed to acquire Lantheus Holdings Inc. in a cash-and-contingent value rights transaction worth up to approximately eight billion dollars, creating a global radiopharmaceutical powerhouse that will serve patients in more than 70 countries across oncology, neurology, and cardiology markets.

The deal, announced August 3, combines two major players in the fast-growing nuclear medicine sector, merging Curium's international manufacturing network and theranostics pipeline with Lantheus' established U.S. commercial diagnostics business. The transaction marks one of the largest radiopharmaceutical acquisitions in recent history, reflecting the strategic importance of precision medicine technologies that use radioactive compounds for both diagnosis and treatment of diseases.

Under the terms of the definitive agreement, Curium will acquire all outstanding Lantheus shares for 102.50 dollars per share in cash at closing, plus non-transferable contingent value rights worth up to an additional 12 dollars per share if specified commercial milestones are achieved through 2030. The total consideration of up to 114.50 dollars per share represents a 38 percent premium to Lantheus' unaffected 60-day volume-weighted average share price and a 29 percent premium to its 30-day average. The Lantheus board unanimously approved the transaction.

The acquisition significantly expands Curium's global radiopharmaceutical platform. The combined company will operate across the full nuclear medicine value chain, from isotope production and manufacturing to diagnostic imaging and targeted radionuclide therapies. This integrated approach positions the merged entity to capitalize on the growing demand for precision medicine solutions that can both diagnose and treat cancer at the molecular level.

Lantheus brings established commercial franchises including PYLARIFY for prostate cancer imaging, DEFINITY for cardiac ultrasound enhancement, and Neuraceq for beta-amyloid PET imaging used in Alzheimer's disease diagnosis. Curium contributes a global manufacturing footprint and a therapeutic pipeline focused on cancer treatment. The combination is designed to leverage those complementary assets to accelerate product commercialization and expand global market reach.

Lantheus Executive Chair and Chief Executive Officer Mary Anne Heino described the agreement as a validation of the company's seven decades of innovation in radiopharmaceuticals, saying the combination with Curium creates opportunities to accelerate patient access to advanced diagnostic and therapeutic technologies while maximizing long-term value for shareholders.

The contingent value rights structure allows Lantheus shareholders to participate in future commercial success across several key product franchises. Additional cash payments are tied to sales milestones for the company's global prostate cancer diagnostics portfolio, neurology diagnostics business, and DEFINITY franchise through 2030, with total potential payments capped at 12 dollars per share if all targets are achieved.

Curium plans to finance the acquisition through a combination of debt and equity. The agreement is not subject to financing contingencies, providing greater transaction certainty. Until the merger closes, Lantheus will continue operating as an independent publicly traded company. Upon completion, Lantheus will become a privately held subsidiary of Curium and its shares will cease trading publicly.

The transaction also reflects the growing strategic importance of radiopharmaceuticals, one of the fastest-expanding segments of the life sciences industry. The field combines diagnostic imaging with targeted radiation therapy — a concept known as theranostics — allowing physicians to identify tumors with molecular precision and then deliver radiation directly to cancer cells while sparing healthy tissue.

This approach has shown particular promise in prostate cancer, where PYLARIFY has become a leading diagnostic tool for detecting cancer recurrence and metastasis. The ability to then deliver targeted radiation therapy to those identified cancer sites represents a paradigm shift in oncology treatment, moving away from broad chemotherapy approaches to more precise, personalized interventions.

The acquisition is expected to close during the first half of 2027, subject to approval by Lantheus shareholders, regulatory clearances from the Federal Trade Commission and other agencies, and other customary closing conditions. In light of the pending acquisition, Lantheus has suspended its previously issued fiscal 2026 financial guidance and will not hold its scheduled earnings conference call following the release of second-quarter results.

For Curium, the deal represents a major step toward consolidating a fragmented radiopharmaceutical market. For Lantheus shareholders, it offers immediate upside plus the potential for additional gains if commercial milestones are met. And for the broader healthcare industry, it signals that nuclear medicine — once a niche specialty — is becoming a cornerstone of next-generation cancer care.