What You Should Know:
– Lantheus Holdings, Inc., a radiopharmaceutical company, announced today a definitive agreement to acquire Evergreen Theragnostics, Inc., a clinical-stage radiopharmaceutical company.
– The all-cash transaction consists of an upfront payment of $250M and up to an additional $752.5M in potential milestone payments.
– The acquisition marks Lantheus’ fifth deal since January 2024 and solidifies its position as a fully integrated radiopharmaceutical leader. The addition of Evergreen’s scalable manufacturing capabilities and infrastructure enhances Lantheus’ ability to meet the complex demands of radiopharmaceutical development and production.
Acquisition Expands Oncology Diagnostic Pipeline
Evergreen Theragnostics is a clinical-stage radiopharmaceutical company focused on drug discovery, development, and commercialization of proprietary products.
The company also provides contract development and manufacturing services for radiopharmaceuticals. The acquisition also expands Lantheus’ oncology diagnostic pipeline with the addition of OCTEVY, a registrational-stage PET diagnostic agent for certain neuroendocrine tumors (NETs). OCTEVY could complement Lantheus’ therapeutic candidate PNT2003, offering a potential theranostic pair for patients with NETs.
Key benefits of the acquisition include:
- Enhanced manufacturing capabilities: Evergreen’s scalable manufacturing infrastructure strengthens Lantheus’ ability to meet the growing demand for radiopharmaceuticals.
- Expanded pipeline: The addition of OCTEVY and other clinical and pre-clinical theragnostic pairs expands Lantheus’ oncology diagnostic pipeline.
- Synergies with PNT2003: OCTEVY and PNT2003 could be used as a theranostic pair, providing a comprehensive approach to the diagnosis and treatment of NETs.
- Experienced team: Evergreen brings a team of experienced professionals with expertise in radiopharmaceutical development and manufacturing.
“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.”
