Lantheus to Acquire Evergreen Theragnostics for Upfront Payment of $250 Million to Drive Strategic Evolution into Fully Integrated Radiopharmaceutical Leader
Lantheus Holdings (NASDAQ: LNTH) has announced a definitive agreement to acquire Evergreen Theragnostics for an upfront payment of $250 million, with potential additional milestone payments of up to $752.5 million. The acquisition aims to transform Lantheus into a fully integrated radiopharmaceutical company.
The deal brings significant strategic advantages, including Evergreen's scalable manufacturing infrastructure, CDMO services, and OCTEVY™, a registrational-stage diagnostic agent for neuroendocrine tumors that complements Lantheus' therapeutic candidate PNT2003. The acquisition also expands Lantheus' oncology pipeline with multiple clinical and pre-clinical theranostic pairs.
The transaction is expected to close in the second half of 2025, subject to customary conditions. Lantheus has reaffirmed its FY 2024 guidance with revenue of $1.51-1.52 billion and adjusted fully diluted EPS of $6.65-6.70.
Lantheus Holdings (NASDAQ: LNTH) ha annunciato un accordo definitivo per acquisire Evergreen Theragnostics per un pagamento iniziale di 250 milioni di dollari, con potenziali pagamenti aggiuntivi legati a traguardi fino a 752,5 milioni di dollari. L'acquisizione ha l'obiettivo di trasformare Lantheus in una società di radiopharmaceutical integrata a tutti gli effetti.
Il deal porta vantaggi strategici significativi, inclusa l'infrastruttura di produzione scalabile di Evergreen, i servizi CDMO e OCTEVY™, un agente diagnostico in fase di registrazione per i tumori neuroendocrini che completa il candidato terapeutico PNT2003 di Lantheus. L'acquisizione espande anche il portafoglio oncologico di Lantheus con diversi coppie teranostiche cliniche e pre-cliniche.
La transazione dovrebbe chiudersi nella seconda metà del 2025, soggetta a condizioni consuete. Lantheus ha confermato le sue previsioni per l'anno fiscale 2024 con un fatturato di 1,51-1,52 miliardi di dollari e un EPS completamente diluito rettificato di 6,65-6,70 dollari.
Lantheus Holdings (NASDAQ: LNTH) ha anunciado un acuerdo definitivo para adquirir Evergreen Theragnostics por un pago inicial de 250 millones de dólares, con posibles pagos adicionales por hitos de hasta 752.5 millones de dólares. La adquisición tiene como objetivo transformar a Lantheus en una empresa de radiofármacos completamente integrada.
El acuerdo trae ventajas estratégicas significativas, incluyendo la infraestructura de fabricación escalable de Evergreen, servicios CDMO y OCTEVY™, un agente diagnóstico en etapa de registro para tumores neuroendocrinos que complementa el candidato terapéutico PNT2003 de Lantheus. La adquisición también amplía la cartera oncológica de Lantheus con múltiples pares teranósticos clínicos y preclínicos.
Se espera que la transacción se cierre en la segunda mitad de 2025, sujeta a condiciones habituales. Lantheus ha reafirmado su guía para el año fiscal 2024 con ingresos de 1.51 a 1.52 mil millones de dólares y un EPS completamente diluido ajustado de 6.65 a 6.70 dólares.
란시우스 홀딩스(NASDAQ: LNTH)는 에버그린 테라그노스틱스를 2억 5천만 달러의 초기 지급으로 인수하기 위한 확정 계약을 발표했습니다. 추가 마일스톤 지급으로 최대 7억 5천 25만 달러까지 가능성이 있습니다. 이번 인수는 란시우스를 완전 통합된 방사선 제약 회사로 변모시키는 것을 목표로 합니다.
이번 거래는 에버그린의 확장 가능한 제조 인프라, CDMO 서비스 및 OCTEVY™를 포함한 상당한 전략적 이점을 가져옵니다. OCTEVY™는 신경내분비 종양을 위한 등록 단계 진단제로, 란시우스의 치료 후보 PNT2003과 보완 관계에 있습니다. 인수는 또한 란시우스의 종양학 파이프라인을 여러 임상 및 전임상 테라노스틱 쌍으로 확장합니다.
이번 거래는 2025년 하반기에 종료될 것으로 예상되며, 일반적인 조건에 따릅니다. 란시우스는 2024 회계연도의 수익 전망을 15억 1천만에서 15억 2천만 달러, 조정된 완전 희석 EPS는 6.65에서 6.70 달러로 재확인했습니다.
Lantheus Holdings (NASDAQ: LNTH) a annoncé un accord définitif pour acquérir Evergreen Theragnostics pour un paiement initial de 250 millions de dollars, avec des paiements supplémentaires potentiels liés à des jalons pouvant atteindre 752,5 millions de dollars. L'acquisition vise à transformer Lantheus en une entreprise de radiopharmaceutiques entièrement intégrée.
Cette opération apporte des avantages stratégiques significatifs, y compris l'infrastructure de fabrication évolutive d'Evergreen, des services CDMO, et OCTEVY™, un agent de diagnostic en phase d'enregistrement pour les tumeurs neuroendocrines qui complète le candidat thérapeutique PNT2003 de Lantheus. L'acquisition élargit également le portefeuille oncologique de Lantheus avec plusieurs paires théranostiques cliniques et précliniques.
La transaction devrait être conclue dans la seconde moitié de 2025, sous réserve des conditions habituelles. Lantheus a réaffirmé ses prévisions pour l'exercice 2024 avec des revenus de 1,51 à 1,52 milliard de dollars et un BPA entièrement dilué ajusté de 6,65 à 6,70 dollars.
Lantheus Holdings (NASDAQ: LNTH) hat eine endgültige Vereinbarung bekannt gegeben, um Evergreen Theragnostics für eine sofortige Zahlung von 250 Millionen US-Dollar zu erwerben, mit möglichen zusätzlichen Meilensteinzahlungen von bis zu 752,5 Millionen US-Dollar. Die Übernahme zielt darauf ab, Lantheus in ein vollständig integriertes Radiopharmaunternehmen zu verwandeln.
Der Deal bringt signifikante strategische Vorteile mit sich, darunter Evergreens skalierbare Produktionsinfrastruktur, CDMO-Dienstleistungen und OCTEVY™, ein diagnostisches Mittel in der Registrierungsphase für neuroendokrine Tumoren, das das therapeutische Kandidaten PNT2003 von Lantheus ergänzt. Die Übernahme erweitert auch das Onkologie-Portfolio von Lantheus mit mehreren klinischen und präklinischen theranostischen Paaren.
Es wird erwartet, dass die Transaktion in der zweiten Hälfte des Jahres 2025 abgeschlossen wird, vorbehaltlich üblicher Bedingungen. Lantheus hat seine Prognose für das Geschäftsjahr 2024 mit einem Umsatz von 1,51 bis 1,52 Milliarden US-Dollar und einem bereinigten voll verwässerten EPS von 6,65 bis 6,70 US-Dollar bekräftigt.
- Strategic acquisition valued at $250M upfront enhances manufacturing capabilities and CDMO services
- Addition of OCTEVY diagnostic agent complements existing PNT2003 therapeutic candidate
- Expansion of oncology pipeline with multiple theranostic pairs
- Strong financial outlook with FY2024 revenue guidance of $1.51-1.52B
- Substantial additional milestone payments of up to $752.5M could impact future cash flow
- Extended closing timeline (H2 2025) creates execution uncertainty
- Integration risks associated with manufacturing infrastructure and operations
Insights
This strategic acquisition positions Lantheus for vertical integration in the high-growth radiopharmaceutical market through three key value drivers:
- Manufacturing Excellence: Evergreen's CDMO operations and RLT infrastructure provide immediate revenue generation while reducing third-party manufacturing risks. This vertical integration is important as radiopharmaceutical manufacturing requires specialized expertise and facilities.
- Pipeline Synergies: OCTEVY's addition creates a powerful theranostic combination with PNT2003 in neuroendocrine tumors. This pairing could drive market penetration and potentially command premium pricing, following the successful theranostic model in oncology.
- Financial Structure: The
$250M upfront payment represents approximately3.7% of Lantheus' market cap, while the$752.5M in milestones provides significant upside sharing with manageable risk. The deal structure preserves capital for operations while incentivizing pipeline success.
The reaffirmed guidance of
The acquisition's medical significance centers on advancing precision oncology through theranostic pairs, particularly in neuroendocrine tumors:
- OCTEVY Innovation: As a PET diagnostic agent targeting somatostatin receptors, OCTEVY could provide superior imaging for NET patients, potentially improving treatment selection and monitoring. The pediatric indication is particularly noteworthy, addressing an underserved population.
- Theranostic Synergy: The OCTEVY-PNT2003 combination represents a sophisticated approach to NET treatment, where diagnostic imaging directly guides therapeutic decisions. This precision medicine approach typically leads to better patient outcomes and higher reimbursement rates.
- Development Platform: Evergreen's drug discovery capabilities and early-stage pipeline could accelerate Lantheus' expansion into additional theranostic pairs, important in an era where personalized medicine drives oncology innovation.
Advances radiopharmaceutical leadership with addition of scalable manufacturing infrastructure and end-to-end clinical development capabilities
Adds OCTEVY™, a registrational-stage diagnostic asset, targeting neuroendocrine tumors that is complementary to Lantheus’ therapeutic agent, PNT2003
Expands oncology radiopharmaceutical pipeline with multiple clinical and pre-clinical theranostic pairs
Company reaffirms Full-Year and Fourth Quarter, 2024 financial guidance
Company to host conference call on January 28, 2025, at 8:30 AM ET
BEDFORD, Mass., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Lantheus Holdings, Inc. (“Lantheus” or the “Company”) (NASDAQ: LNTH), the leading radiopharmaceutical-focused company committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes, today announced a definitive agreement to acquire Evergreen Theragnostics, Inc. (“Evergreen”), in an all-cash transaction consisting of an upfront payment of
This transaction is expected to solidify Lantheus’ capabilities as a fully integrated radiopharmaceutical company. The addition of Evergreen’s scalable manufacturing capabilities and infrastructure enhances Lantheus’ ability to meet the complex demands of radiopharmaceutical development and production. The acquisition also expands Lantheus’ oncology diagnostic pipeline by adding both OCTEVY, a registrational-stage PET diagnostic agent for certain neuroendocrine tumors (NETs) that could complement Lantheus’ therapeutic candidate PNT2003, as well as a number of clinical and pre-clinical novel theranostic pairs.
“As Lantheus continues to advance its industry leadership, this transaction, along with the agreement to acquire Life Molecular Imaging, enhances our operations across the radiopharmaceutical value chain,” said Brian Markison, CEO of Lantheus. “With Evergreen’s manufacturing and development capabilities, we become fully integrated and will ultimately make a difference in the lives of more patients. We are pleased to welcome Evergreen’s talented team to Lantheus and are confident that their expertise in radiopharmaceutical theranostics and culture focused on developing new solutions for cancer patients will enrich our organization.”
“Today marks an exciting new chapter for Evergreen as we look to join the Lantheus team,” said James Cook, CEO of Evergreen. “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. We look forward to benefiting from Lantheus’ experience and resources to further advance our pipeline and continue developing cutting-edge therapies and diagnostics that have the potential to transform patient care. I am very pleased to have our Evergreen team join another industry-leading company with a shared vision.”
Compelling Strategic and Financial Rationale
- Enhanced Radiopharmaceutical Manufacturing Infrastructure: The acquisition advances Lantheus’ capabilities with the addition of Evergreen’s radioligand therapy (RLT) manufacturing infrastructure, including a revenue-generating CDMO business. Evergreen’s ability to work with a variety of diagnostic and therapeutic isotopes will enhance Lantheus’ ability to address the complexities of radiopharmaceutical development and production. Internalizing this infrastructure will enable Lantheus to develop technical and operational expertise, supply its clinical trials, scale manufacturing for commercial launches, mitigate third party risk, and support long-term growth.
- Adds Near-Term Revenue with OCTEVY, which Complements PNT2003 Commercialization: Acquiring OCTEVY, a registrational-stage diagnostic imaging agent, provides Lantheus with additional growth potential while expanding its presence in NETs. Subject to FDA approval, OCTEVY is expected to be indicated for use with positron emission tomography (PET) for localization of somatostatin receptor-positive NETs in adult and pediatric patients. OCTEVY and Lantheus’ PNT2003 could be used as a theranostic pair.
- Advanced Early Development Capabilities: Evergreen brings a fully integrated drug discovery and early-stage clinical development platform, promising early-stage oncology assets, and a highly skilled team that can generate novel targets and advance promising radiotherapeutic programs.
Additional Transaction Details
Under the terms of the agreement, Lantheus will pay an upfront amount of
Company Reaffirms Full Year 2024 Financial Guidance
Guidance Issued November 6, 2024 | |
FY 2024 Revenue | |
FY 2024 Adjusted Fully Diluted EPS |
Advisors
Solomon Partners Securities, LLC acted as financial advisor to Lantheus in this transaction, while Cooley LLP and Ropes & Gray LLP acted as legal advisors, and Ernst & Young LLP acted as financial and tax advisor.
Centerview Partners LLC acted as financial advisor to Evergreen, while Skadden, Arps, Slate, Meagher & Flom LLP and Lowenstein Sandler LLP acted as legal advisors, and Grant Thornton Advisors LLC acted as tax advisor.
Conference Call and Webcast Details
Lantheus will hold a conference call on Tuesday, January 28, 2025, at 8:30 AM ET. To access the live conference via webcast, please register here. A replay will be available after the conclusion of the call on Lantheus’ investor website at: https://investor.lantheus.com/news-events/calendar-of-events.
The conference call may include forward-looking statements. See the cautionary information about forward-looking statements in the safe-harbor section of this press release.
About Lantheus
Lantheus is the leading radiopharmaceutical-focused company, delivering life-changing science to enable clinicians to Find, Fight and Follow disease to deliver better patient outcomes. Headquartered in Massachusetts with offices in Canada and Sweden, Lantheus has been providing radiopharmaceutical solutions for more than 65 years. For more information, visit www.lantheus.com.
About Evergreen Theragnostics, Inc.
Evergreen Theragnostics is focused on improving the available options for cancer patients using radiopharmaceuticals. The company is engaged in Contract Development and Manufacturing (CDMO) services as well as drug discovery and commercialization of proprietary products. Evergreen is headquartered in Springfield, NJ in a state-of-the-art GMP radiopharmaceutical facility. The company was founded in 2019 by a team that brings a strong track record in theranostic radiopharmaceutical manufacturing, research, and clinical development. For more information, please visit www.evergreentgn.com.
Safe Harbor for Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by their use of terms such as "continue,” “may,” “poised,” “potential,” “will,” and other similar terms and include, among other things, statements about the potential benefits and results of the acquisition; the anticipated timing of the closing of the acquisition; the potential regulatory approval of OCTEVYTM; the potential for OCTEVYTM and PNT2003 to be used as a theranostic pair; and Evergreen’s ability to generate novel radiotherapeutic programs. Such forward-looking statements are based upon current plans, estimates and expectations that are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements include: Lantheus’ and Evergreen’s ability to complete the acquisition on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary regulatory approvals and satisfaction of other closing conditions to consummate the acquisition; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive transaction agreement relating to the proposed transaction; risks related to diverting the attention of Evergreen’s and Lantheus’ management from ongoing business operations; failure to realize the expected benefits of the acquisition; significant transaction costs and/or unknown or inestimable liabilities; the risk that Evergreen’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; risks related to future opportunities and plans for the combined company, including the uncertainty of expected future regulatory filings, financial performance and results of the combined company following completion of the acquisition; pharmaceutical product development and the uncertainty of clinical success; the regulatory approval process, including the risks that Evergreen may be unable to obtain regulatory approval for OCTEVYTM on the timeframe anticipated, or at all, or that Evergreen may be unable to obtain regulatory approvals of any of its other product candidates in a timely manner or at all; disruption from the proposed acquisition, making it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers; effects relating to the announcement of the acquisition or any further announcements or the consummation of the acquisition on the market price of Lantheus’ common stock; the possibility that, if Lantheus does not achieve the perceived benefits of the acquisition as rapidly or to the extent anticipated by financial analysts or investors, the market price of Lantheus’ common stock could decline; potential litigation associated with the possible acquisition; and the risks and uncertainties discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q).
Contacts:
Mark Kinarney
Vice President, Investor Relations
978-671-8842
ir@lantheus.com
Melissa Downs
Senior Director, External Communications
646-975-2533
media@lantheus.com
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