SHINE and C-Ray Forge Alliance for China's Cancer Therapy Market

CHENGDU, China & JANESVILLE, Wis. – March 26, 2026 – In a landmark move set to accelerate cancer treatment innovation in China, C-Ray Therapeutics of Chengdu has entered into a strategic partnership with U.S.-based SHINE Technologies. The agreement grants C-Ray exclusive rights to distribute a critical medical radioisotope, no-carrier-added lutetium-177 (n.c.a. Lu-177), across mainland China, securing a vital component for a new generation of precision cancer therapies.

Under the Master Radioisotope Supply Agreement, SHINE will provide a long-term, GMP-compliant supply of n.c.a. Lu-177 from its Cassiopeia facility in Wisconsin, one of North America's largest production sites for the isotope. This collaboration directly confronts a long-standing challenge for China's rapidly growing biopharmaceutical sector: a fragile and import-reliant supply chain for the radioisotopes essential for developing and manufacturing targeted radiopharmaceutical therapies (TRT).

Addressing a Critical Supply Bottleneck

Lutetium-177 is widely regarded as a cornerstone isotope in the field of nuclear medicine. Its unique properties—a manageable half-life and potent, cell-killing beta emissions—make it ideal for TRTs, which act like guided missiles to deliver radiation directly to cancer cells while minimizing damage to surrounding healthy tissue. These therapies have shown remarkable efficacy against hard-to-treat cancers, including prostate cancer and neuroendocrine tumors (NETs).

The demand for Lu-177 has surged globally, and China is no exception. With a radiopharmaceuticals market projected to more than double from approximately $580 million in 2025 to over $1.27 billion by 2035, the need for a stable isotope supply has never been more acute. This demand was amplified in late 2025 with the approval of Novartis's Pluvicto, a Lu-177-based therapy for prostate cancer, by China's National Medical Products Administration (NMPA). The approval marked a watershed moment, validating the therapeutic approach and intensifying the pressure on the domestic supply chain.

Historically, Chinese researchers and drug developers have been hampered by supply insecurities, which can derail costly and time-sensitive clinical trials. This new partnership aims to create a reliable and redundant supply channel that meets both U.S. and Chinese regulatory standards, providing the stability needed for sustained innovation.

A Strategic Play in a Booming Market

For both companies, the agreement represents a significant strategic maneuver in the high-stakes global oncology market. For C-Ray Therapeutics, it elevates its position from a contract development and manufacturing organization (CRDMO) to a central pillar of China's radiopharmaceutical ecosystem. By controlling a key supply channel, C-Ray can offer its clients a truly integrated, end-to-end service.

The company will leverage its state-of-the-art, 28,000-square-meter facility in Chengdu to perform crucial downstream services. This includes taking the raw isotope from SHINE and completing the complex processes of isotope conjugation, fill-and-finish, and quality control, ultimately delivering a ready-to-use product for clinical and commercial use. This capability substantially lowers the barrier to entry for domestic biotech firms looking to enter the radiopharmaceutical space.

"Stable, multi-source isotope access is a core competitive advantage for us and our clients," said Haitao Qiao, General Manager of C-Ray Therapeutics. "Securing a reliable, high-quality source of n.c.a. Lu-177—along with exclusive distribution rights—directly strengthens our clients' pipeline continuity and reinforces our commitment to building a resilient radiopharmaceutical ecosystem in China."

For SHINE Technologies, the partnership provides a powerful gateway into one of the world's largest and fastest-growing healthcare markets. Rather than navigating the complex logistics and regulatory landscape of China alone, SHINE can leverage C-Ray's established infrastructure and expertise for last-mile delivery. The deal also validates the massive production scale of SHINE's fusion-based technology.

"This partnership reflects SHINE's ability to serve growing demand for n.c.a. Lu-177 in China while maintaining strong supply for customers in the U.S. and other global markets," commented Greg Piefer, Founder and CEO of SHINE Technologies.

Navigating a Shifting Regulatory and Competitive Landscape

The C-Ray and SHINE collaboration enters a market that is actively being reshaped by government policy and increasing domestic competition. Recognizing its strategic vulnerability, Beijing issued the "Medical Isotopes Medium and Long-term Development Plan (2021-2035)," a national directive to establish a stable and independent supply system.

A major milestone in this effort was achieved in mid-2025, when the state-owned China National Nuclear Corporation (CNNC) began commercial production of Lu-177 at its Qinshan Nuclear Power Plant. While this domestic production is a significant step towards self-sufficiency, the market is large enough to support multiple suppliers, especially for high-purity, internationally benchmarked isotopes required for novel drug development.

The SHINE-sourced Lu-177, produced to meet stringent U.S. and Chinese GMP standards, provides a critical alternative and complementary supply. This is particularly valuable for Chinese companies with global ambitions, as using an isotope that already meets international standards can streamline future regulatory submissions in markets outside of China.

The Path to Accelerated Patient Access

Ultimately, the impact of this partnership will be measured in its ability to accelerate the journey of new cancer therapies from the laboratory to the clinic. With a secure supply of Lu-177, Chinese researchers can more confidently initiate and conduct the clinical trials necessary to bring new TRTs to market for a variety of cancers.

By creating a robust and redundant supply chain, the collaboration is poised to de-risk clinical development for dozens of Chinese biotech firms, ultimately shortening the timeline from laboratory discovery to bedside treatment for cancer patients across the nation.