Curium has agreed to acquire all outstanding shares of Lantheus Holdings (LNTH) in a transaction that could be worth as much as $8 billion.
Under the terms of the deal, Lantheus shareholders will receive $102.50 per share in cash at closing, with the potential for an additional $12 per share through contingent value rights.
Those contingent value rights are tied to sales milestones across Lantheus’ prostate cancer, neurology and Definity franchises through 2030, giving investors a path to a maximum payout of $114.50 per share.
That total consideration represents a premium of approximately 14.9% to Lantheus’ last closing share price of $99.64, which was recorded ahead of the announcement.
The two companies expect to close the transaction in the first half of 2027, pending approval from Lantheus shareholders and relevant regulators across multiple jurisdictions.
Upon completion, Lantheus will be taken private and absorbed into Curium, a company controlled by investment firm CapVest Partners that employs more than 3,800 people and operates over 80 manufacturing sites worldwide.
Curium said the combined business would serve patients in oncology, neurology and cardiology across more than 70 countries, significantly expanding its global footprint in diagnostic and therapeutic radiopharmaceuticals.
Lantheus brings a well-established product portfolio to the deal, led by its prostate cancer PET imaging agent Pylarify, alongside cardiac ultrasound agent Definity and beta-amyloid PET imaging agent Neuraceq.
The company generated $377.3 million in worldwide revenue during the first quarter of 2026, with those three flagship products accounting for a significant portion of that total.
Lantheus CEO Mary Anne Heino said: “We believe this transaction is the ultimate validation of what the Lantheus team has built over seven decades of innovation in radiopharmaceuticals.”
Lantheus is scheduled to release its second-quarter results on 6 August but will skip its accompanying conference call and has suspended its 2026 financial guidance because of the pending transaction.
The deal follows months of market speculation, with reports emerging in May that Lantheus had been considering a Curium proposal that valued the Massachusetts-based company at roughly $7 billion, at which point both parties declined to comment.
Lantheus has actively expanded its radiopharmaceuticals presence through acquisitions in recent years, including a deal to acquire Evergreen Theragnostics for $250 million upfront in 2025, with up to $752.5 million in additional milestone payments.
The company also acquired Meilleur Technologies in 2024 and Life Molecular Imaging in 2025, further strengthening its Alzheimer’s imaging pipeline and manufacturing capabilities.
Jones Trading analyst Justin Walsh said the deal could face “relatively high regulatory scrutiny” because both companies are major players in diagnostic radiopharmaceuticals.
The acquisition arrives as radiopharmaceuticals, long anchored in diagnostics, are rapidly evolving into one of the most competitive areas of oncology research and development, with growing applications in neurology, cardiology and inflammatory disease.
Recent years have seen a wave of major deals in the sector, including Bristol Myers Squibb’s $4.1 billion acquisition of RayzeBio, AstraZeneca’s purchase of Fusion Pharmaceuticals in a deal worth up to $2.4 billion, and Eli Lilly’s $1.4 billion buyout of Point Biopharma.