Lantheus Acquires Evergreen Theragnostics to Strengthen Radiopharmaceutical Leadership
Lantheus Holdings, a radiopharmaceutical company specializing in diagnostics and targeted therapeutics, has announced an agreement to acquire Evergreen Theragnostics, a clinical-stage radiopharmaceutical company engaged in CDMO services and proprietary product commercialization. The deal includes an upfront payment of USD 250 mn, with potential milestone payments reaching up to USD 752.5 mn.
The acquisition will strengthen Lantheus' position as a fully integrated radiopharmaceutical leader - expanding its manufacturing and development capabilities by utilizing Evergreen’s scalable manufacturing infrastructure to support growing demand for radiopharmaceuticals. As part of the acquisition, Lantheus will gain access to OCTEVY™, a registrational-stage diagnostic imaging agent for neuroendocrine tumors, which complements its existing therapeutic pipeline, including PNT2003, a generic formulation of lutetium Lu 177 dotatate (Lutathera) for patients diagnosed with somatostatin receptor (SSTR)–positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs). The transaction is expected to close in the second half of 2025, pending customary closing conditions and regulatory approvals.
The following article originally appeared in PR Newswire.
Lantheus Holdings, Inc., the leading radiopharmaceutical-focused company committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes, today announced a definitive agreement to acquire Evergreen Theragnostics, Inc. ("Evergreen"), in an all-cash transaction consisting of an upfront payment of $250 million and up to an additional $752.5 million in potential milestone payments. Evergreen is a clinical-stage radiopharmaceutical company engaged in Contract Development and Manufacturing (CDMO) services as well as drug discovery and commercialization of proprietary products.
This transaction is expected to solidify Lantheus' capabilities as a fully integrated radiopharmaceutical company. The addition of Evergreen's scalable manufacturing capabilities and infrastructure enhances Lantheus' ability to meet the complex demands of radiopharmaceutical development and production. The acquisition also expands Lantheus' oncology diagnostic pipeline by adding both OCTEVY, a registrational-stage PET diagnostic agent for certain neuroendocrine tumors (NETs) that could complement Lantheus' therapeutic candidate PNT2003, as well as a number of clinical and pre-clinical novel theranostic pairs.
"As Lantheus continues to advance its industry leadership, this transaction, along with the agreement to acquire Life Molecular Imaging, enhances our operations across the radiopharmaceutical value chain," said Brian Markison, CEO of Lantheus. "With Evergreen's manufacturing and development capabilities, we become fully integrated and will ultimately make a difference in the lives of more patients. We are pleased to welcome Evergreen's talented team to Lantheus and are confident that their expertise in radiopharmaceutical theranostics and culture focused on developing new solutions for cancer patients will enrich our organization."
"Today marks an exciting new chapter for Evergreen as we look to join the Lantheus team," said James Cook, CEO of Evergreen. "Lantheus' industry expertise and financial strength will help us bring our innovations to a broad patient population faster and support our mission to improve options for cancer patients through theranostic radiopharmaceuticals. We look forward to benefiting from Lantheus' experience and resources to further advance our pipeline and continue developing cutting-edge therapies and diagnostics that have the potential to transform patient care. I am very pleased to have our Evergreen team join another industry-leading company with a shared vision."
Compelling Strategic and Financial Rationale
Enhanced Radiopharmaceutical Manufacturing Infrastructure: The acquisition advances Lantheus' capabilities with the addition of Evergreen's radioligand therapy (RLT) manufacturing infrastructure, including a revenue-generating CDMO business. Evergreen's ability to work with a variety of diagnostic and therapeutic isotopes will enhance Lantheus' ability to address the complexities of radiopharmaceutical development and production. Internalizing this infrastructure will enable Lantheus to develop technical and operational expertise, supply its clinical trials, scale manufacturing for commercial launches, mitigate third party risk, and support long-term growth.
Adds Near-Term Revenue with OCTEVY, which Complements PNT2003 Commercialization: Acquiring OCTEVY, a registrational-stage diagnostic imaging agent, provides Lantheus with additional growth potential while expanding its presence in NETs. Subject to FDA approval, OCTEVY is expected to be indicated for use with positron emission tomography (PET) for localization of somatostatin receptor-positive NETs in adult and pediatric patients. OCTEVY and Lantheus' PNT2003 could be used as a theranostic pair.
Advanced Early Development Capabilities: Evergreen brings a fully integrated drug discovery and early-stage clinical development platform, promising early-stage oncology assets, and a highly skilled team that can generate novel targets and advance promising radiotherapeutic programs.
Additional Transaction Details
Under the terms of the agreement, Lantheus will pay an upfront amount of $250 million, payable in cash at closing, and up to $752.5 million in development and sales milestones related to OCTEVY and Evergreen's clinical and pre-clinical pipeline. The transaction has been approved by the Boards of Directors of both companies and is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory clearances.
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