Curium to Acquire Lantheus in $8 Billion Radiopharmaceutical Deal — Lantheus Holdings, Inc.

Event summary

Curium to acquire Lantheus in a deal valued at up to $8.0 billion, including $102.50 per share in cash and up to $12.00 per share in Contingent Value Rights (CVRs).
The transaction represents a 38% premium to Lantheus’ unaffected 60-day volume-weighted average price.
Combined entity will serve oncology, neurology, and cardiology patients across more than 70 countries.
Transaction expected to close in the first half of 2027, subject to shareholder and regulatory approvals.

The big picture

The merger positions Curium as a global leader in radiopharmaceuticals, combining its theranostics platform with Lantheus’ U.S. diagnostics business. This deal reflects the ongoing consolidation in the nuclear medicine sector, driven by the need for scale to support innovation and commercialization of advanced diagnostic and therapeutic solutions. The transaction underscores the strategic value of integrating complementary portfolios to enhance patient access and clinical outcomes across multiple therapeutic areas.

What we're watching

Integration Challenges: How Curium will integrate Lantheus’ U.S. commercial infrastructure and manufacturing capabilities into its global operations.
Regulatory Approvals: The pace at which regulatory approvals are obtained, particularly given the transaction’s expected close in the first half of 2027.
Performance Milestones: Whether Lantheus’ commercial portfolio achieves the specified performance milestones to trigger additional CVR payments through 2030.