Lantheus Holdings Inc., a radiopharmaceutical healthcare company, announced Tuesday its plans to acquire Evergreen Theragnostics Inc. for up to $1 billion, marking a significant expansion of its capabilities in radiopharmaceutical development and manufacturing. The deal involves an upfront cash payment of $250 million and up to $752.5 million in milestone payments, according to a company statement.
Expanding Radiopharmaceutical Capabilities
Massachusetts-based Lantheus focuses on radiopharmaceuticals to help clinicians “find, fight, and follow” disease. By acquiring Evergreen, headquartered in Springfield, New Jersey, Lantheus aims to enhance its capabilities as a fully integrated radiopharmaceutical company.
Evergreen, a clinical-stage company specializing in drug discovery, manufacturing, and commercialization, has scalable infrastructure that Lantheus sees as critical to meeting growing demand in the sector.
“With Evergreen’s manufacturing and development capabilities, we become fully integrated and will ultimately make a difference in the lives of more patients,” said Brian Markison, CEO of Lantheus.
Strategic Benefits and Future Plans
The acquisition builds on Evergreen’s recent momentum. In April 2024, Evergreen raised $26 million to support clinical trials, commercialize its diagnostic agent, and expand its manufacturing services.
