PanTera, a joint venture between Ion Beam Applications (IBA) and SCK CEN, the Belgian nuclear research center, has secured €93 million ($103 million) in an oversubscribed Series A round to accelerate production of the radioisotope actinium-225 (Ac-225).

Led by EQT Life Sciences, the round brings total funding to €134 million ($149 million), which includes additional equity from IBA and the Belgian finance company SFPIM, as well as €33.75 million ($37 million) in debt financing. This Series A round is the largest in Belgium’s life sciences sector to date.

"The size of this raise is testament to our strategy, our unique assets and our capabilities," said Sven Van den Berghe, CEO of PanTera. "We are working alongside very experienced partners with a combined expertise and a network that goes well beyond Ac-225 production and encompasses all aspects of the radiopharmaceutical revolution."

The company plans to use the funds to construct a state-of-the-art production facility in Belgium, with commercial-scale production expected by 2029. Once operational, PanTera aims to produce over 100 curies of clinical-grade Ac-225 annually, enough to treat more than 100,000 patients each year.

PanTera’s production process involves a patented technique that converts radium-226 into radium-225, which then decays into Ac-225. This method is designed to provide a stable and scalable supply of the isotope. In addition to its long-term plans, PanTera has partnered with TerraPower Isotopes to supply 1.5–2 curies of Ac-225 annually by early 2025, (global supply is currently estimated at 3 curies per year).

Founded in 2022, PanTera has also secured supply agreements with major pharmaceutical companies, including Bayer, and expects to have more than 80% of its production capacity committed before the facility is fully operational.

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