Lantheus Holdings plans to acquire theranostic radiopharmaceutical manufacturer Evergreen Theragnostics for an upfront payment of $250 million and up to $752.5 million in potential milestone payments.
Headquartered in Springfield, NJ, Evergreen is a clinical-stage radiopharmaceutical company engaged in contract development and manufacturing services as well as drug discovery and commercialization of proprietary products.
Lantheus said the deal expands its oncology diagnostic pipeline by adding both Evergreen’s Octevy — a registrational-stage PET diagnostic agent for certain neuroendocrine tumors that could complement Lantheus’ therapeutic candidate PNT2003 — as well as a number of clinical and preclinical novel theranostic pairs.
The transaction is expected to close in the second half of 2025, according to Lantheus.