Lantheus goes Evergreen in a $250m upfront dealLantheus goes Evergreen in a $250m upfront deal

Lantheus expands its oncology portfolio in an all-cash transaction, adding Octevy, a registrational-stage positron emission tomography (PET) diagnostic agent for certain neuroendocrine tumors (NETs).  

Octevy could complement Lantheus’s therapeutic candidate, PNT2003, while also bringing clinical and preclinical theranostic pairs into its pipeline. The acquisition was valued at $250 million with milestone payments of $752.5 million and is expected to close in the second half of 2025. 

"As Lantheus continues to advance its industry leadership, this transaction, along with the agreement to acquire Life Molecular Imaging, enhances our operations across the radiopharmaceutical value chain,” said Brian Markison, CEO, Lantheus.  

“With Evergreen's manufacturing and development capabilities, we become fully integrated. We are pleased to welcome Evergreen's talented team to Lantheus and are confident that their expertise in radiopharmaceutical theranostics and culture focused on developing new solutions for cancer patients will enrich our organization.” 

Through this acquisition, Massachusetts-headquartered Lantheus gains a 14,000 square foot cGMP manufacturing facility in Springfield and a discovery lab in Cranbury in New Jersy, US, along with an early clinical development site at Basel, Switzerland. 

“Today marks an exciting new chapter for Evergreen as we look to join the Lantheus team,” said James Cook, CEO of Evergreen. “We look forward to benefiting from Lantheus’s experience and resources to further advance our pipeline and continue developing cutting-edge therapies and diagnostics that have the potential to transform patient care.” 

The firm did not respond when contacted by this publication.