Lantheus and Evergreen Theragnostics
Type: Acquisition agreement
Buyer: Lantheus
Seller: Evergreen Theragnostics
Focus: Octevy
Deal value: $1 billion
Financial impact: Lantheus’s acquisition of Evergreen Theragnostics strengthens its radiopharmaceutical capabilities across the entire value chain, boosting innovation, market position, and future revenue.
Lantheus has completed the acquisition of Evergreen Theragnostics, a radiopharmaceutical contract development and manufacturing organization (CDMO) in a deal valued at up to $1 billion. Evergreen specializes in developing and manufacturing imaging agents for diagnosing and treating cancer. Its portfolio includes Octevy, a PET (positron emission tomography) product targeting neuroendocrine tumors, which is still awaiting approval. Lantheus believes that Octevy will complement its therapeutic PNT2003, a generic version of the radioactive drug Lutathera, used for treating such cancers. As part of the deal, Lantheus will pay $250 million in cash at closing to acquire Evergreen and up to an additional $752.5 million based on achieving specific sales and development milestones related to Octevy and other in-development drug candidates from Evergreen. The boards of both companies have already approved the transaction, which is expected to close in the second half of 2025, pending regulatory approval. Lantheus also markets Pylarify, a targeted PET agent for detecting suspected metastasis or recurrence of prostate cancer, which generated over $1 billion in sales in 2024.
Octevy
Octevy is a preparation kit used to produce Ga-68 DOTATOC, a radioactive diagnostic agent designed for use in positron emission tomography (PET) imaging. It is currently under FDA review for the detection of somatostatin receptor-positive neuroendocrine tumors (NETs) in both adult and pediatric patients.
Five years' market revenue of Lantheus Holdings, Inc.
Lantheus Holdings, Inc. is a leading radiopharmaceutical-focused company dedicated to advancing precision diagnostics and targeted therapeutics. With a mission to help clinicians Find, Fight, and Follow disease, Lantheus plays a critical role in improving patient outcomes across a range of serious conditions, including cancer and cardiovascular diseases.
Leveraging decades of expertise in medical imaging and radiopharmaceutical development, the company offers a robust portfolio of innovative products that support early detection, effective treatment, and ongoing monitoring of disease. Flagship products such as Pylarify—a PET imaging agent used in prostate cancer—and a growing pipeline of diagnostic and therapeutic candidates demonstrate Lantheus’ commitment to delivering value to both patients and healthcare providers.
Five years market revenue of Lantheus Holdings, Inc. (2020-2024)
Fig 16: Market revenue of Lantheus Holdings, Inc.
Financially, Lantheus has shown consistent growth over the past five years, reflecting strong demand for its products and successful execution of its strategic initiatives. The company’s sustained revenue increases highlight its expanding market presence and continued innovation in a highly specialized and rapidly evolving field.
Market Impact of This Partnership
By acquiring Evergreen Theragnostics, Lantheus enhances its capabilities across the entire radiopharmaceutical value chain, from development and manufacturing to commercialization. Evergreen’s scalable manufacturing infrastructure and expertise, along with its oncology-focused pipeline (including OCTEVY), were key factors in this strategic acquisition. This move is designed to bolster Lantheus’s ability to address the complex demands of the market and drive innovation within the radiopharmaceutical industry. As a result, Lantheus is also expected to see a revenue increase following the acquisition. The acquisition of Evergreen Theragnostics is poised to significantly strengthen Lantheus’s market position, transforming the company into a fully integrated leader in the radiopharmaceutical sector, covering all aspects of the value chain from development and manufacturing to commercialization.
“Evergreen’s scalable manufacturing and oncology pipeline, including OCTEVY, made it a strategic fit for Lantheus.”