Lantheus Sells SPECT Arm to SHINE in Major Radiopharma Reshuffle

BEDFORD, Mass. – January 02, 2026 – Lantheus Holdings, Inc. has finalized the sale of its foundational Single Photon Emission Computed Tomography (SPECT) business to SHINE Technologies, LLC, marking a pivotal moment for both companies and signaling a broader strategic realignment within the multi-billion-dollar radiopharmaceutical industry. The completed transaction, announced today, transfers a portfolio of established diagnostic agents and manufacturing operations to SHINE, a next-generation fusion technology firm.

This move allows Lantheus to divest a significant legacy business and intensify its focus on a pipeline of high-growth, innovative diagnostic and therapeutic products. Simultaneously, it represents a transformative expansion for SHINE, which acquires a mature market presence to complement its ambitious plans to overhaul the medical isotope supply chain using proprietary fusion-based technology.

A Strategic Pivot for Lantheus

With the divestiture complete, Lantheus is sharpening its strategic focus on what it considers the future of nuclear medicine: innovative Positron Emission Tomography (PET) radiodiagnostics, microbubbles, and a burgeoning pipeline of radiopharmaceutical therapies. The sale transfers ownership of its key SPECT diagnostic agents—TechneLite® (Technetium Tc 99m generator), Cardiolite®, NEUROLITE®, and Xenon Xe-133 Gas—to SHINE. The deal also includes the SPECT manufacturing facilities at Lantheus' North Billerica, Massachusetts campus and related Canadian operations.

This transaction is the culmination of a deliberate strategy by Lantheus to streamline its portfolio and concentrate resources on areas with higher growth potential and innovation. The company's recent activities underscore this pivot. Its PET imaging agent PYLARIFY®, used for detecting prostate cancer, achieved blockbuster status in 2024 by surpassing $1 billion in net sales. Lantheus is already developing a new formulation to increase batch sizes by 50 percent, aiming to expand patient access.

Beyond prostate cancer, Lantheus is making aggressive moves in neurology. The company is advancing two key agents for Alzheimer's disease: MK-6240, a next-generation tau imaging agent with an FDA decision date set for August 2026, and NAV-4694, a beta-amyloid PET agent acquired in July 2024. This portfolio was further bolstered by the July 2025 acquisition of Life Molecular Imaging, which brought the globally approved Alzheimer's diagnostic Neuraceq into the fold.

Lantheus' commitment to becoming a leader in precision oncology and neurology is also evident in its recent acquisition of Evergreen Theragnostics, completed in April 2025. This deal added OCTEVY, a PET agent for neuroendocrine tumors (NETs), and a rich pipeline of therapeutic and diagnostic candidates for cancers of the lung, brain, and pancreas. With a PDUFA date of March 29, 2026, for its diagnostic kit LNTH-2501 for NETs, Lantheus is poised to further cement its leadership in the PET market, which is increasingly central to the era of precision medicine.

SHINE Technologies' Bold Expansion

For SHINE Technologies, the acquisition is a calculated leap from a fusion technology developer to a vertically integrated force in the nuclear medicine market. Headquartered in Janesville, Wisconsin, SHINE has been developing a cleaner, safer, and more sustainable method for producing critical medical isotopes, moving away from the aging nuclear reactors that currently dominate the global supply.

The acquisition of Lantheus' SPECT business provides SHINE with an established product portfolio and immediate market access, creating powerful synergies with its core mission. The transaction is a direct response to a critical vulnerability in global healthcare: the fragile supply chain for Molybdenum-99 (Mo-99), the precursor to Technetium-99m (Tc-99m). Tc-99m is the workhorse isotope of nuclear medicine, used in approximately 80% of all diagnostic procedures, including those performed with the newly acquired Cardiolite® and TechneLite® products.

Currently, about 90% of the world's Mo-99 comes from a handful of aging, foreign nuclear reactors, leading to chronic shortages and price volatility. SHINE’s patented fusion-based process aims to solve this problem. The company is constructing a large-scale irradiation facility, known as 'Chrysalis,' which is slated to become the world's largest medical isotope production plant. Once operational, it is designed to supply up to 20 million doses of Mo-99 annually, establishing a reliable U.S.-based source capable of meeting one-third of global demand.

Furthermore, SHINE is also a key producer of Lutetium-177 (Lu-177), a therapeutic isotope used in cutting-edge cancer treatments. Its 'Cassiopeia' facility is already one of the largest Lu-177 production sites in North America. By controlling the production of both diagnostic and therapeutic isotopes and now owning the diagnostic agents that use them, SHINE is positioning itself as a central player in the growing field of 'theranostics,' which pairs diagnosis and therapy.

Reshaping the Radiopharmaceutical Landscape

The Lantheus-SHINE deal is more than a simple corporate transaction; it is a case study in the broader trends of specialization and consolidation that are reshaping the radiopharmaceutical industry. While Lantheus sheds a legacy asset to double down on innovation in PET and therapeutics, SHINE is integrating vertically to secure a fundamental part of the healthcare infrastructure.

The SPECT market itself remains a valuable and growing segment. While PET often grabs headlines for its advanced applications, SPECT imaging is a cornerstone of cardiac and neurological diagnostics. Market projections show significant growth, with some analysts forecasting the global SPECT radiopharmaceuticals market to reach nearly $15 billion by 2032, driven by the rising prevalence of chronic diseases. By acquiring this business, SHINE is not buying a declining asset but rather a stable, cash-generating platform that it can secure and grow with its own isotope supply.

This strategic reshuffling is expected to have ripple effects across the industry. It highlights a growing recognition that innovation in diagnostic and therapeutic agents must be supported by a resilient and modern supply chain. SHINE's ability to ensure a steady supply of Tc-99m could provide a significant competitive advantage and bring stability to hospitals and clinics that have long struggled with isotope shortages. The deal sets a new precedent for how companies may approach market strategy, balancing portfolio focus with the strategic control of critical resources, ultimately influencing the future of patient care in nuclear medicine.