Lantheus, a radiopharmaceutical company, has announced a definitive agreement to acquire Evergreen Theragnostics, a clinical-stage radiopharmaceutical company engaged in Contract Development and Manufacturing (CDMO) services as well as drug discovery and commercialisation of proprietary products.

Under the terms of the agreement, Lantheus will make an upfront payment of $250 million and up to an additional $752.5 million in potential milestone payments. The acquisition is intended to solidify Lantheus’ capabilities as a fully integrated radiopharmaceutical company, whilst the addition of Evergreen’s scalable manufacturing capabilities and infrastructure enhances Lantheus’ ability to meet the complex demands of radiopharmaceutical development and production. The acquisition also expands Lantheus’ oncology diagnostic pipeline by adding both OCTEVY, a registrational-stage PET diagnostic agent for certain neuroendocrine tumors (NETs), as well as a number of clinical and pre-clinical novel theranostic pairs. The transaction has been approved by the Boards of Directors of both companies and is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory clearances.