Curium and Lantheus Reach Definitive Merger Agreement to Build a Global Integrated Radiopharmaceutical Theranostics Platform

On August 3, global radiopharmaceutical company Curium announced that it has entered into a definitive merger agreement with Lantheus Holdings, Inc. Under the agreement, Curium US Holdings LLC will merge with Lantheus through its wholly owned subsidiary, with a total consideration of up to $114.50 per share and a total transaction value of approximately $8 billion.

Under the terms of the agreement, Curium US will acquire all outstanding shares of Lantheus at $102.50 per share in cash upon closing of the transaction. In addition, Lantheus shareholders will receive non-transferable contingent value rights, entitling them to up to $12.00 per share in additional cash payments if certain commercial milestones for Lantheus-related products are achieved by 2030. The total transaction value represents a 38% premium over Lantheus's 60-day volume-weighted average price as of May 21, 2026, a 29% premium over the 30-day volume-weighted average price, and a 21% premium over the closing price on that day.

Both parties stated that the combined company will integrate Curium's global manufacturing platform and theranostics product portfolio in radiopharmaceutical R&D, production, and supply, along with Lantheus's commercial infrastructure and product portfolio in the U.S. radiopharmaceutical diagnostics market. Upon completion of the merger, the company's operations will cover both diagnostic and therapeutic segments, providing nuclear medicine products and services to oncology, neurology, and cardiology patients across more than 70 countries and regions.

According to available information, Curium has manufacturing expertise in diagnostic and therapeutic radiopharmaceuticals and is advancing a radiopharmaceutical ligand therapy pipeline. Lantheus has long been focused on the U.S. radiopharmaceutical diagnostics sector, with products including PYLARIFY, a PSMA PET diagnostic for prostate cancer imaging; DEFINITY, a cardiac ultrasound contrast agent; and Neuraceq, a β-amyloid PET imaging agent.

The Lantheus Board of Directors has unanimously approved the transaction. The transaction is expected to be financed through a combination of debt and equity and is not subject to a financing condition. Prior to closing, Lantheus will continue to operate as an independent publicly traded company; upon closing, Lantheus will cease to exist as a publicly traded company.

The transaction is currently expected to close in the first half of 2027, subject to customary closing conditions, including approval by Lantheus shareholders and necessary regulatory approvals. Lantheus expects to release its second-quarter 2026 financial results and business update before the market opens on August 6, 2026; given the ongoing transaction, the company will not hold a conference call and has suspended its previously issued fiscal year 2026 guidance.