Curium has entered into a definitive agreement to acquire Lantheus Holdings in a transaction valued at up to approximately $8 billion, combining two major radiopharmaceutical businesses with complementary diagnostic and therapeutic capabilities.
Under the agreement, Curium will pay Lantheus shareholders $102.50 per share in cash at closing. Shareholders will also receive non-transferable contingent value rights that could provide up to an additional $12 per share if specified commercial milestones are achieved through 2030.
The maximum consideration of $114.50 per share represents a 38% premium to Lantheus’ unaffected 60-day volume-weighted average price, a 29% premium to its unaffected 30-day average and a 21% premium to its closing price on May 21, 2026, the final trading day before the first media report of a potential sale.
The combination will bring Curium’s global manufacturing platform and theranostics pipeline together with Lantheus’ U.S. radiodiagnostics infrastructure.
Curium has manufacturing operations and radiopharmaceutical distribution capabilities across more than 70 countries. Lantheus brings established products across oncology, neurology and cardiology, including PYLARIFY, DEFINITY and Neuraceq.
PYLARIFY helped establish prostate-specific membrane antigen PET imaging as a standard diagnostic tool for prostate cancer. DEFINITY is a leading ultrasound-enhancing agent used in cardiac imaging, while Neuraceq is a beta-amyloid PET imaging agent used in neurological disease evaluation.
The combined company would span the nuclear medicine value chain from isotope production and manufacturing to diagnostic imaging and targeted radionuclide therapy.
Lantheus’ board unanimously approved the transaction after reviewing multiple strategic alternatives, including discussions with other potential buyers and remaining an independent company.
The contingent value rights are tied to sales milestones for Lantheus’ global prostate cancer diagnostics, neurology diagnostics and DEFINITY businesses.
The prostate cancer diagnostic milestones could generate up to $8 per share, while neurology diagnostic milestones could produce up to $3 per share. An additional $1 per share is tied to the DEFINITY business exceeding $400 million in sales during the fiscal year ending December 31, 2030.
There is no guarantee that any of the contingent payments will be earned.
Curium expects to finance the acquisition through a combination of debt and equity. The agreement is not subject to a financing condition.
The transaction is expected to close during the first half of 2027, subject to Lantheus shareholder approval, regulatory clearances and other customary conditions.
Lantheus will continue operating as an independent publicly traded company until closing and will become privately held after the transaction is completed. The company has also suspended its previously issued full-year 2026 guidance because of the pending acquisition.
Support: Morgan Stanley served as Lantheus’ lead financial adviser, with BofA Securities and Solomon Partners also advising the company. Covington & Burling and Ropes & Gray served as its legal counsel. Jefferies served as Curium’s lead financial adviser, with JPMorgan and PJT Partners also advising the buyer. Kirkland & Ellis and Arnold & Porter served as Curium’s legal counsel.
KEY QUOTES:
“Lantheus is the ideal partner to accelerate what we have been building at Curium. Together, we will provide meaningful theranostic options to patients from SPECT and PET diagnostics to targeted radioligand therapy across the globe.”
Renaud Dehareng, CEO of Curium Group
“Combining strategically with Curium brings together two pioneers with complementary strengths and a shared passion for nuclear medicine. Together, we can broaden and accelerate patient access to life-changing diagnostics and therapeutics.”
Mary Anne Heino, Executive Chair and CEO of Lantheus
“This highly strategic combination will allow the combined company to capitalize on the significant emerging opportunities and, most importantly, will allow us to accelerate bringing life-changing solutions to healthcare professionals.”
Kate Briant, Senior Partner at CapVest and Chair of Curium’s Board
