Curium Pharma, a CapVest Partners-backed radiopharmaceutical group valued at USD 7 billion after its 2025 recapitalisation, has agreed to acquire NASDAQ-listed Lantheus Holdings for USD 102.50 per share in cash plus a non-tradeable contingent value right worth up to USD 12.00 per share if Lantheus' prostate, neurology, and Definity cardiology lines hit sales milestones by 2030, implying a per-share ceiling of USD 114.50 and total consideration near USD 8 billion.

The fixed component carries a 38% premium to the 60-day volume-weighted average price and 29% to the 30-day average, with closure expected in the first half of 2027 and Lantheus surviving as a wholly owned subsidiary of Curium US Holdings.

The deal is a full-stack theranostic integration rather than a single-asset tuck-in: Curium contributes reactor-independent and cyclotron-scale supply of lutetium-177 and actinium-225, late-stage therapeutic pipelines, and European manufacturing, while Lantheus contributes its US PET network, same-day cold-chain distribution, hospital nuclear-medicine access, and cash-generating diagnostics including Pylarify (over USD 1 billion annual sales in 2024), Definity (over 80% US echocardiography contrast share), Neuraceq, and the newly FDA-approved Tau PET agent TAUKLARIFY.

Lantheus had lacked sovereign isotope production and saw its PNT2002 prostate radioligand therapy stall in Phase III, so the merger pairs Curium's upstream supply with Lantheus' downstream channel to close the diagnosis-to-treatment loop across oncology, neurology, and cardiology in over 70 countries.