by
Gus Iversen, Editor in Chief | April 02, 2026
The Indianapolis-based radiopharmaceutical company SpectronRx has secured $85 million in financing from healthcare investment firm OrbiMed to expand its isotope production and contract manufacturing operations.
The funding will support growth at the company’s Grissom Aeroplex campus in Indiana, where SpectronRx has been building out infrastructure for both isotope production and CDMO and CMO services. The site now spans 34 acres and includes roughly 200,000 square feet of GMP-compliant manufacturing space, with plans for further expansion.
Company executives said the investment will be used to scale production of medical isotopes used in diagnostic imaging and radioligand therapies, while also increasing manufacturing capacity for partner programs. SpectronRx produces a range of isotopes, including actinium-225, lutetium-177 and fluorine-18, among others commonly used in oncology and diagnostic applications.
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“Radiopharmaceutical innovation is advancing rapidly, but isotope supply and manufacturing capacity remain critical constraints,” said John Zehner, CEO of SpectronRx. “This investment enables us to expand production at scale while strengthening our CDMO and CMO capabilities, supporting our partners from early development through global commercialization.”
The Grissom site includes a recently constructed 150,000-square-foot production facility and is designed for high-throughput manufacturing. The campus currently supports more than 300,000 patient doses annually, according to the company, and has long-term capacity to exceed one million square feet.
OrbiMed cited supply reliability and integrated manufacturing as key factors behind the investment. “Reliable access to high-quality medical isotopes and integrated manufacturing services is essential to advancing the next generation of precision diagnostics and therapies,” said Lars Enstrom, managing director at OrbiMed.
SpectronRx operates additional facilities in Indiana, Connecticut and Belgium, supporting development and commercial-scale production. The company supplies radiopharmaceuticals across the U.S. and international markets, including Europe and Asia.
