Tag: healthcare M&A

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.

Swedish healthcare company Getinge announced plans to acquire U.S.-based Paragonix Technologies, a leader in organ transport products and services, for $477 million. The deal, consisting of $253 million in cash and up to $224 million in earnout payments through 2026, will allow Getinge to expand into the fast-growing organ preservation and transportation market.

Getinge to Buy Paragonix for $477M : Expanding into Organ Transport

The acquisition is a significant move for Getinge, whose president of acute care therapies, Elin Frostehav, emphasized that the deal will help the company address the global organ shortage by increasing transplantation volumes. “Teaming up with Paragonix’s talented team and proven technology…is a catalyst to redefine the market standard,” Frostehav said.

Paragonix, founded in 2010 and based in Waltham, Massachusetts, has experienced rapid growth, with revenues of $43.1 million in 2023, a 136% increase from the previous year. With nearly all of its sales in the U.S., the partnership with Getinge is expected to drive international expansion.

Strategic Synergy

Paragonix President and CEO Lisa Anderson highlighted that the combined expertise of both companies will improve patient care and facilitate innovation in the transplant field. Getinge’s existing portfolio in acute heart and lung support, already used in organ transplants, complements Paragonix’s offerings, with plans to expand into kidney, liver, and pancreas markets.

The transaction is expected to close in late Q3 or early Q4 of this year, subject to customary closing conditions.