Lantheus to Acquire Evergreen Theragnostics for Upfront Payment of $250 Million to Drive Strategic Evolution into Fully Integrated Radiopharmaceutical Leader

Core Insights - Lantheus Holdings, Inc. has announced a definitive agreement to acquire Evergreen Theragnostics, Inc. for an upfront payment of $250 million and potential milestone payments of up to$752.5 million, enhancing its position in the radiopharmaceutical sector [2][7] - The acquisition is expected to solidify Lantheus' capabilities as a fully integrated radiopharmaceutical company, adding scalable manufacturing infrastructure and expanding its oncology diagnostic pipeline with the addition of OCTEVY, a diagnostic agent for neuroendocrine tumors [3][5] - Lantheus reaffirms its financial guidance for the full year and fourth quarter of 2024, projecting revenues between $1.51 billion and$1.52 billion and adjusted fully diluted EPS between $6.65 and$6.70 [8] Acquisition Details - The acquisition of Evergreen is aimed at enhancing Lantheus' manufacturing capabilities, particularly in radioligand therapy (RLT) and Contract Development and Manufacturing (CDMO) services, which will support long-term growth and mitigate third-party risks [5][6] - OCTEVY, a registrational-stage diagnostic imaging agent, is expected to complement Lantheus' therapeutic candidate PNT2003, potentially being used as a theranostic pair for treating neuroendocrine tumors [5][6] - The transaction has been approved by the Boards of Directors of both companies and is expected to close in the second half of 2025, pending regulatory clearances [7] Strategic Rationale - The acquisition is positioned as a strategic move to enhance Lantheus' operational capabilities across the radiopharmaceutical value chain, allowing for better patient outcomes through improved manufacturing and development processes [4][5] - Evergreen's expertise in drug discovery and early-stage clinical development is expected to enrich Lantheus' oncology pipeline and accelerate the delivery of innovative therapies to patients [4][5] - The integration of Evergreen's team and capabilities is anticipated to foster a culture focused on developing new solutions for cancer patients, aligning with Lantheus' mission [4][6]