Lantheus Acquires Evergreen To Advance Radiopharmaceutical Pipeline

Lantheus Holdings, a leading company in radiopharmaceuticals, has announced the acquisition of Evergreen Theragnostics. The agreement includes an upfront payment of $250 million, with the possibility of an additional $752.5 million for potential milestones. Evergreen is a CDMO focused on developing and manufacturing radiopharmaceuticals and commercialising new drugs. By acquiring Evergreen, Lantheus aims to strengthen its position as a fully integrated player in this radiopharmaceutical field. 

Brian Markison, CEO of Lantheus, said in a statement, “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. With Evergreen’s manufacturing and development capabilities, we become fully integrated and will ultimately make a difference in more patients' lives. We are pleased to welcome Evergreen’s talented team to Lantheus. We are confident that their expertise in radiopharmaceutical theranostics and culture focused on developing new solutions for cancer patients will enrich our organisation.”

The acquisition will help Lantheus expand its manufacturing capabilities, making it better equipped to handle the complex process of producing radiopharmaceuticals. In addition, the deal brings promising new diagnostic and therapeutic products to Lantheus’ portfolio. This includes OCTEVY, a PET imaging agent designed to detect certain neuroendocrine tumours, which could work well alongside Lantheus’ experimental cancer treatment, PNT2003. The acquisition also brings in several other potential therapies that are still in the early stages of development.

“Today marks an exciting new chapter for Evergreen as we look to join the Lantheus team. 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 advance our pipeline further 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,” said James Cook, CEO of Evergreen.

Overall, this move is expected to boost Lantheus’ ability to develop, manufacture, and enhance radiopharmaceutical manufacturing infrastructure and innovative radiopharmaceutical solutions for cancer and add Near-Term Revenue with OCTEVY, which will complement PNT2003 commercialisation.