Lantheus acquires Evergreen Theragnostics for $250M, enhancing its radiopharmaceutical leadership and capabilities. This acquisition marks a significant milestone in Lantheus’ strategic evolution, as the company aims to become a fully integrated radiopharmaceutical leader. The deal also includes potential milestone payments of up to $752.5 million, contingent on developmental and sales achievements.
Strengthening Radiopharmaceutical Manufacturing and Development
Deal adds scalable manufacturing and development expertise. Evergreen’s state-of-the-art GMP radiopharmaceutical facility in Springfield, New Jersey, will be instrumental in supporting Lantheus’ expanding portfolio of radiopharmaceuticals. By internalizing Evergreen’s radioligand therapy (RLT) manufacturing capabilities, Lantheus can scale production for clinical trials, commercial launches, and long-term growth, while mitigating third-party risks.
“With Evergreen’s manufacturing and development capabilities, we become fully integrated and will ultimately make a difference in the lives of more patients,” said Brian Markison, CEO of Lantheus. “We are pleased to welcome Evergreen’s talented team to Lantheus and are confident their expertise in radiopharmaceutical theranostics will enrich our organization.”
Expanding Oncology Pipeline with OCTEVY and Theranostic Pairs
A cornerstone of this acquisition is OCTEVY™, Evergreen’s registrational-stage PET diagnostic agent targeting neuroendocrine tumors (NETs). OCTEVY, pending FDA approval, is designed to localize somatostatin receptor-positive NETs in adult and pediatric patients. This diagnostic agent complements Lantheus’ therapeutic candidate PNT2003, creating a robust theranostic pair. Together, these assets are poised to advance precision oncology, enhancing both diagnosis and treatment options for NET patients.
In addition to OCTEVY, the acquisition bolsters Lantheus’ oncology radiopharmaceutical pipeline with several clinical and pre-clinical theranostic pairs. These innovative assets aim to address unmet needs in cancer care by integrating diagnostic and therapeutic capabilities.
Advancing Early-Stage Radiopharmaceutical Innovation
Evergreen’s expertise in early-stage drug discovery and development further strengthens Lantheus’ position in the radiopharmaceutical market. The company’s skilled team has a proven track record of generating novel targets and advancing promising radiotherapeutic programs. This acquisition accelerates Lantheus’ ability to innovate and deliver next-generation radiopharmaceutical solutions.
James Cook, CEO of Evergreen, highlighted the alignment between the two companies: “Lantheus’ industry expertise and financial strength will help us bring our innovations to a broad patient population faster. We look forward to benefiting from their experience and resources to advance our pipeline and continue developing cutting-edge therapies and diagnostics.”
Financial and Strategic Impact
The transaction has been approved by the boards of directors of both companies and is expected to close in the second half of 2025, subject to regulatory clearances and customary closing conditions. The deal’s financial structure includes the $250 million upfront payment and up to $752.5 million in development and sales milestones tied to OCTEVY and Evergreen’s clinical and pre-clinical pipeline.
Lantheus’ acquisition of Evergreen comes on the heels of its agreement to acquire Life Molecular Imaging, further demonstrating the company’s commitment to enhancing its capabilities across the radiopharmaceutical value chain. These strategic moves position Lantheus as a leader in the rapidly evolving field of radiopharmaceuticals, where precision medicine is transforming patient care.
About Lantheus
Lantheus Holdings, Inc. has been delivering innovative radiopharmaceutical solutions for over 65 years. Headquartered in Bedford, Massachusetts, with offices in Canada and Sweden, the company focuses on enabling clinicians to “Find, Fight, and Follow” disease to improve patient outcomes. For more information, visit www.lantheus.com.
About Evergreen Theragnostics
Founded in 2019, Evergreen Theragnostics is dedicated to improving cancer patient care through theranostic radiopharmaceuticals. The company’s capabilities span contract development and manufacturing (CDMO) services, drug discovery, and the commercialization of proprietary products. Evergreen’s GMP radiopharmaceutical facility in New Jersey serves as a hub for innovation in the field. For more information, visit www.evergreentgn.com.
Conclusion
Lantheus’ acquisition of Evergreen Theragnostics marks a pivotal step in its journey to become a fully integrated radiopharmaceutical leader. With enhanced manufacturing capabilities, an expanded oncology pipeline, and a shared commitment to improving cancer care, this partnership is poised to drive innovation and deliver life-changing solutions for patients worldwide.
