Curium strikes deal worth up to $8bn to acquire Lantheus in radiopharmaceutical sector consolidation
Curium, the private equity-backed radiopharmaceutical company, has agreed to acquire Lantheus Holdings (LNTH) for up to $8bn, marking one of the sector's largest transactions as demand for radioactive compounds used in cancer diagnosis and treatment continues to attract intense dealmaking interest.
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. The total consideration of up to $114.50 per share represents a premium of roughly 15 per cent to Lantheus's last closing price of $99.64. Shares in the company rose more than 2 per cent in morning trading.
Analysts offered a measured reception to the headline price. "The $102.50 upfront is a fair price but not a generous one," said Yuan Zhi, analyst at B. Riley Securities, noting the offer came in below where many investors had positioned. Lantheus had been the subject of takeover speculation for months after Bloomberg News reported in May that the company was weighing a sale following an approach from Curium that valued it at around $7bn.
The transaction may face regulatory headwinds given the competitive overlap between the two parties. Justin Walsh of Jones Trading cautioned the deal could attract "relatively high regulatory scrutiny" given that both Curium and Lantheus are significant players in diagnostic radiopharmaceuticals.
Lantheus's flagship product, Pylarify, is a prostate cancer imaging agent used in PET scans, which deploy radioactive tracers to help clinicians detect signs of disease. The company also manufactures diagnostic imaging agents for a range of other conditions.
Curium, backed by private equity firm CapVest Partners, develops and supplies radiopharmaceuticals across both diagnostic and therapeutic applications. The acquisition would substantially expand its commercial footprint in a sector that has become one of healthcare's most hotly contested dealmaking arenas.
The broader radiopharma landscape has drawn a series of major transactions in recent years. Bristol Myers Squibb (BMY) paid roughly $4.1bn for RayzeBio, AstraZeneca (AZN) acquired Fusion Pharmaceuticals in a deal worth up to $2.4bn, and Eli Lilly (LLY) purchased Point Biopharma for approximately $1.4bn.
The Curium-Lantheus transaction will be financed through a combination of debt and equity and is expected to close in the first half of 2027.