by
Gus Iversen, Editor in Chief | January 29, 2025
Lantheus Holdings Inc., a Massachusetts-based leader in radiopharmaceuticals, has announced a definitive agreement to acquire Evergreen Theragnostics Inc. for $250 million in cash, with up to $752.5 million in additional milestone payments.
The acquisition, which follows the company's
purchase of Life Molecular Imaging announced earlier this month, aims to solidify Lantheus' position as a fully integrated radiopharmaceutical company by adding manufacturing infrastructure and expanding its clinical and preclinical pipeline.
Evergreen, headquartered in Springfield, New Jersey, specializes in contract development and manufacturing (CDMO) services and the development of radiopharmaceuticals. Its state-of-the-art facility and expertise in radioligand therapy manufacturing will enhance Lantheus’ ability to scale production, support clinical trials, and reduce reliance on third-party vendors.

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The transaction also brings OCTEVY, a diagnostic imaging agent currently in registrational-stage development for detecting neuroendocrine tumors (NETs) via PET scans. Pending FDA approval, OCTEVY is expected to complement Lantheus' therapeutic candidate PNT2003, forming a theranostic pairing for NETs.
Brian Markison, CEO of Lantheus, highlighted the strategic importance of the acquisition: "With Evergreen's manufacturing and development capabilities, we become fully integrated and will ultimately make a difference in the lives of more patients."
In addition to OCTEVY, the acquisition enhances Lantheus' pipeline with several clinical and preclinical oncology assets. Evergreen's platform for drug discovery and early-stage development is expected to bolster Lantheus' capacity to innovate within the radiopharmaceutical sector.
The deal, approved by the boards of both companies, is expected to close in the second half of 2025, subject to regulatory clearances. Financial advisors for the transaction include Solomon Partners for Lantheus and Centerview Partners for Evergreen.
Lantheus also reaffirmed its 2024 financial guidance, projecting $1.51-$1.52 billion in revenue and adjusted earnings per share of $6.65-$6.70.