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.

Evergreen’s CEO, James Cook, emphasized the alignment of the companies' missions, stating, “Lantheus’ industry expertise and financial strength will help us bring our innovations to a broad patient population faster and support our mission to improve options for cancer patients through theranostic radiopharmaceuticals.”

The deal is expected to close in the second half of 2025, subject to regulatory clearances and other customary conditions.

Legal Teams

The acquisition involved four prominent law firms:

Lantheus was advised by Cooley LLP (partners: Bill Roegge, Div Gupta, Geoffrey Spolyar) and Ropes & Gray LLP (partner: Zak Goodwin).

Evergreen was represented by Skadden Arps Slate Meagher & Flom LLP, with a team including partners Graham Robinson, Laura Knoll, Resa Schlossberg, Maria Raptis, Maya Florence, and Moshe Spinowitz.

Additional legal counsel for Evergreen was provided by Lowenstein Sandler LLP, though details of their team were not immediately available.

Industry Impact

This acquisition strengthens Lantheus’ position in the radiopharmaceutical market, enabling it to streamline production, accelerate development, and expand its reach.