● Strategic transaction would bring Curium's theranostics portfolio and global manufacturing platform together with Lantheus’ complementary U.S. radiodiagnostics business
● Total transaction consideration to Lantheus shareholders of up to $114.50 per share in cash for an aggregate transaction value of up to $8.0 billion – representing a premium of 38% to Lantheus’ unaffected 60-day volume-weighted average price and a premium of 29% to Lantheus’ unaffected 30-day volume-weighted average price
● Provides for near-term certain value for Lantheus shareholders of $102.50 per share in cash at closing and up to an additional $12.00 per share of Contingent Value Rights tied to specified performance milestones for Lantheus' commercial portfolio
● Combined company would serve oncology, neurology and cardiology patients across more than 70 countries
Curium™, a leading, global radiopharmaceutical company with proven expertise in the development, manufacturing and supply of radiopharmaceuticals that improve the way cancer is diagnosed and treated, and Lantheus Holdings, Inc. ("Lantheus" or "Company") (NASDAQ: LNTH), today announced that Curium US Holdings LLC (“Curium US”) and Lantheus have entered into a definitive agreement under which Lantheus, a leading radiopharmaceutical-focused company committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes, will merge with a wholly-owned subsidiary of Curium US.
Under the terms of the definitive agreement, Curium US will acquire all of the outstanding shares of Lantheus for $102.50 per share in cash at closing, plus non-transferable Contingent Value Rights (“CVRs”) providing for up to $12.00 per share in potential additional cash payments, subject to achievement of specified commercial milestones for Lantheus’ products through 2030. The transaction represents a total per share consideration of up to $114.50 and a total transaction value of up to approximately $8.0 billion. Together, Curium and Lantheus are positioned to create a radiopharmaceutical company spanning diagnostics and therapeutics, with the infrastructure and capabilities to serve patients in more than 70 countries. The Board of Directors of Lantheus has unanimously approved the transaction.
The cash consideration provides for near-term certain value to Lantheus shareholders at closing and the CVR structure provides meaningful potential additional upside participation in the commercial performance of Lantheus’ main product lines. The total transaction value represents a premium of 38% to Lantheus’ unaffected 60-day volume-weighted average price ("VWAP"), a premium of 29% to Lantheus’ unaffected 30-day VWAP, and a premium of 21% to Lantheus’ unaffected closing price, in each case as of May 21, 2026, the last trading day prior to the first media report of a potential sale transaction.
“Lantheus is the ideal partner to accelerate what we have been building at Curium," said Renaud Dehareng, Chief Executive Officer of Curium Group. "We have executed a strategy to build an innovative, theranostics platform by expanding our global manufacturing footprint, advancing our radioligand therapy pipeline across key regions, and positioning Curium to drive the next generation of theranostics innovation. Lantheus’ complementary business accelerates our strategy with a robust U.S. commercial infrastructure, a complementary F18-isotope based prostate diagnostics franchise and marks our entry in the U.S. market for diagnostic solutions targeting Neurology and Echocardiography. Together, we will provide meaningful theranostic options to patients from SPECT and PET diagnostics to targeted radioligand therapy across the globe. This combination unlocks an opportunity that neither company could achieve alone, as it positions us to reach significantly more patients and clinicians globally.”
“We believe this transaction is the ultimate validation of what the Lantheus team has built over seven decades of innovation in radiopharmaceuticals," said Mary Anne Heino, Executive Chair and Chief Executive Officer of Lantheus. "Combining strategically with Curium brings together two pioneers with complementary strengths and a shared passion for nuclear medicine. Together, we can broaden and accelerate patient access to life-changing diagnostics and therapeutics and fully realize the differentiated outcomes and value radiopharmaceuticals can deliver. I am tremendously proud of everything our people have achieved, and I am confident this combination is the best path forward for our shareholders, our employees, and the millions of patients we serve.”
Curium was established in 2017 by global investment firm CapVest Partners LLP (“CapVest”) which remains its controlling shareholder and last year completed the successful recapitalization of Curium in a transaction which valued the Curium Group at approximately $7 billion. Kate Briant, Senior Partner at CapVest and Chair of Curium’s Board of Directors, said: “This transaction underlies our ongoing commitment to Curium’s growth and emphasizes our strong conviction in the potential of nuclear medicine and the future of the sector. This highly strategic combination will allow the combined company to capitalize on the significant emerging opportunities and, most importantly, will allow us to accelerate bringing life-changing solutions to healthcare professionals and benefit millions of patients (and their families) around the world.”
Curium has a proven record of developing, manufacturing, and supplying diagnostic and therapeutic radiopharmaceuticals globally with a deep manufacturing expertise, and a robust theranostics pipeline. Lantheus has pioneered the radiodiagnostics landscape in the U.S. for 70 years and has demonstrated success building and growing a commercial diagnostic business, including PYLARIFY that helped establish PSMA PET as the standard of care in prostate cancer imaging, maintaining DEFINITY’s position as a category leader in cardiac ultrasound enhancing agents for 25 years, and driving Neuraceq to become the fastest-growing beta-amyloid PET agent on the market. The combined entity will span the full nuclear medicine value chain: from isotope production and manufacturing to diagnostic imaging and targeted radionuclide therapy, delivering nuclear medicine solutions to patients and healthcare systems across more than 70 countries.
The Lantheus Board of Directors, with the assistance of its financial advisors, conducted a comprehensive evaluation of its strategic options, including outreach to multiple third parties and remaining as a standalone company. After concluding this robust process, the Board unanimously determined that this transaction is in the best interests of Lantheus and its shareholders as the value maximizing path relative to the other strategic options.
Under the terms of the agreement, Curium US will acquire all of the outstanding shares of Lantheus common stock for $102.50 per share in cash at closing. In addition, Lantheus shareholders will receive up to $12.00 per share in non-transferable CVRs, entitling holders to the following additional cash payments upon achievement of applicable milestones:
| Franchise | Total Aggregate Sales1 Milestone | CVR Payment (in cash) | Measurement Period |
| Global Prostate Cancer Diagnostics2 | > $950 million | $1.00/share | Fiscal year ending December 31, 2030 |
| > $1,100 million | $1.00/share | ||
| > $1,200 million | $2.00/share | ||
| > $1,500 million | $2.00/share | ||
| > $1,750 million | $2.00/share | ||
| Global Neurology Diagnostics3 | > $300 million | $2.00/share | Any of the three fiscal years ending December 31, 2028, 2029, or 2030 |
| > $350 million | $1.00/share | ||
| Global DEFINITY® Business4 | > $400 million | $1.00/share | Fiscal year ending December 31, 2030 |
There can be no assurance that any payments will be made with respect to the CVRs. If all milestones are achieved, per share consideration under the CVRs would be $12.00 per share.
The transaction is expected to be financed through a combination of debt and equity and is not subject to any financial conditions or other related contingencies.
Until the transaction closes, Lantheus will continue to operate as an independent, publicly traded company. Upon completion, Lantheus will cease to be a publicly traded company.
The transaction is currently expected to close in the first half of 2027, subject to satisfaction of customary closing conditions, including receipt of Lantheus shareholder approval and required regulatory approvals.
Lantheus is expected to announce its financial results and provide a business update for the second quarter of 2026 prior to market open on August 6, 2026. Due to the pending transaction with Curium, Lantheus will not be hosting a conference call and will be suspending its previously issued FY 2026 guidance.
Morgan Stanley & Co. LLC acted as lead financial advisor to Lantheus, and BofA Securities, Inc. and Solomon Partners Securities LLC also acted as financial advisors to Lantheus. Covington & Burling LLP and Ropes & Gray LLP acted as legal counsel to Lantheus.
Jefferies LLC acted as lead financial advisor to Curium. J.P. Morgan Securities LLC and PJT Partners LP also acted as financial advisors to Curium. Kirkland & Ellis LLP and Arnold & Porter Kaye Scholer LLP acted as legal counsel to Curium.
Curium is a leading global radiopharmaceutical company with proven expertise in the development, manufacturing and supply of radiopharmaceuticals that transform the way cancer is diagnosed and treated. Headquartered in Boston with offices around the world, Curium’s mission is to find new and better ways to diagnose and treat cancer.
With a global footprint that extends to more than 70 countries, a skilled and dedicated team of over 3,800 employees, and more than 80 manufacturing sites globally, Curium is highly qualified to meet the significant supply and distribution of established products that underlie success in the radiopharmaceuticals market. Curium’s global leadership is embodied in a diverse and extensive portfolio of over 45 products that advance patient care for a wide range of cancers.
Curium’s pioneering legacy in nuclear medicine is the foundation of the company’s dedication to innovation and portfolio expansion to cancer therapeutics, particularly in neuroendocrine tumors and with a late-stage pipeline exploring opportunities in prostate cancer.
To learn more, visit www.curiumpharma.com.
Lantheus is a leading radiopharmaceutical-focused company, delivering life-changing science to enable clinicians to Find, Fight and Follow disease to deliver better patient outcomes. Headquartered in Massachusetts with offices in New Jersey, Canada, Germany, Sweden, Switzerland and the United Kingdom, Lantheus has been providing radiopharmaceutical solutions for 70 years. For more information, visit www.Lantheus.com.
CapVest is a leading international private equity investor with offices in New York, London and Dublin that partners with ambitious companies supplying essential goods and services to transform their businesses. As an active and patient investor, CapVest has established a strong record of success spanning close to 30 years in delivering attractive returns by working closely with management in transforming the size and scale of its portfolio companies through a combination of organic and acquisition-led growth.
With $20 billion of Assets Under Management, CapVest seeks to invest in highly resilient industries where the demand driver for the product or service is non-discretionary. Its core sectors include healthcare, which currently represents approximately 50% of its investment portfolio, consumer staples and essential services.
In connection with the proposed acquisition of Lantheus Holdings, Inc. (the “Company”) by Curium US (“Parent”), the Company intends to file a preliminary and definitive proxy statement. The definitive proxy statement and proxy card will be delivered to the stockholders of the Company in advance of the special meeting relating to the proposed acquisition. This document is not a substitute for the proxy statement or any other document that may be filed by the Company with the Securities and Exchange Commission (the “SEC”). THE COMPANY’S STOCKHOLDERS AND INVESTORS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY EACH OF PARENT AND THE COMPANY WITH THE SEC IN CONNECTION WITH THE PROPOSED ACQUISITION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES TO THE PROPOSED ACQUISITION. Investors and security holders will be able to obtain a free copy of the proxy statement and such other documents containing important information about the Company and Parent, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. The Company makes available free of charge at its website at https://investor.lantheus.com/ copies of materials it files with, or furnishes to, the SEC.
