F-18

Lantheus reported $377.3 million in worldwide revenues over the first quarter of 2026, reflecting sales of its roster of radiodiagnostic imaging agents. A multi-billion-dollar acquisition within the radiopharmaceutical space could be percolating as Lantheus Holding considers a buyout offer from Curium Pharma, Bloomberg reported on Friday. Curium’s proposal values Massachusetts-based Lantheus at about $7 billion, the news outlet said, citing people familiar with the matter. The deal could be weeks away, but a final discussion has not yet been made and no agreement is guaranteed, according to Bloomberg. Lantheus does “not comment on market rumors or speculation” as a matter of policy, a spokesperson told Fierce Pharma on Tuesday. For its part, Curium “operates in a highly competitive environment and, like all companies, is always evaluating organic and external pathways to better serve our patients and customers,” a company representative said in an emailed statement. At the same time, the representative also caveated to Fierce that Curium “does not comment on market rumors or speculation.” Last year, Curium had a hand in what was the “largest transaction in nuclear medicine globally” when its majority owner, global investment firm CapVest, raised money to recapitalize Curium through a new continuation vehicle that similarly valued the radiopharmaceutical company at $7 billion. The investor base that chipped in reflected a “strong belief in the future trajectory of the company in a market poised for exponential growth in the next 15 years,” Curium said at the time. Lantheus, meanwhile, has recently been on the other side of the dealmaking table with an acquisition spree of its own. Early last year, the radiopharmaceutical specialist shelled out $250 million in upfront cash to take on Evergreen Theragnostics, committing up to $752.5 million in additional potential milestone payments. The union of Evergreen’s manufacturing capabilities and infrastructure with Lantheus’ radiopharmaceutical digs was meant to help the company “meet the complex demands of radiopharmaceutical development and production,” Lantheus said, and it also adds new candidates to the company's oncology diagnostic pipeline. Other recent acquisitions for Lantheus include Meilleur Technologies and its  Alzheimer’s disease PET imaging agent, plus Life Molecular Imaging and its approved F-18 PET imaging agent Neuraceq, along with broader Alzheimer’s radiodiagnostic commercial infrastructure. While being “disciplined in our capital deployment” and prioritizing radiodiagnostics while weighing the “best path to maximize value from our radiotherapeutic assets,” Lantheus is looking to “lay the groundwork for growth acceleration beginning in 2027,” interim CEO Mary Anne Heino said in the company’s first quarter earnings release. The radiopharma reported $377.3 million in worldwide revenues over the first quarter of 2026, backed largely by Neuraceq, the ultrasound-enhancing agent Definity and the prostate cancer diagnostic imaging agent Pylarify.  Meanwhile, next month will see the expiration of a 30-month stay that will allow for approval of Lantheus' radioequivalent version of Novartis’ gastroenteropancreatic neuroendocrine tumor-fighting Lutathera, which the FDA granted a tentative approval in March. Radiopharmaceuticals, or drugs made using small amounts of radioactive material, have quickly risen in popularity. Just last week, radioisotope supplier Niowave broke ground on a new $75 million facility in Lansing, Michigan, that will see multiple superconducting linear accelerators and state-of-the-art processing and quality systems to facilitate the increased production of alpha-emitting isotope Actinium-225 (Ac-225). The class of nuclear medicines can be used in both therapeutic and diagnostic roles. 

SpectronRx, a diagnostic and therapeutic radiopharmaceutical developer and manufacturer specializing in radiopharmaceutical contract development, manufacturing, and isotope production, has raised $85 million in financing from OrbiMed. The Indianapolis, IN-based company plans to use the funds to expand its medical isotope production and manufacturing capacity. “We have several customers that are interested in, or need, more and more services, whether it be infrastructure around radio labeling or infrastructure around isotope production, and so across our company there are several opportunities for us to invest and create these resources for our customers, and that's what this will be used for,” SpectronRx CEO John Zehner told MD+DI . The investment will further strengthen SpectronRx’s fully integrated platform, which brings together isotope production, drug development, scale-up, and GMP manufacturing within a single, unified infrastructure. This end-to-end model is designed to support radiopharmaceutical programs from early development through commercialization, forming one of the industry’s most comprehensive radiopharmaceutical ecosystems. “We're adding all kinds of equipment and also space for manufacturing, such as clean rooms. So, clean rooms, hot cells, cyclotrons for isotope production, anything you can imagine that would go with drug manufacturing,” Zehner said. As part of its ongoing expansion, the company will continue scaling production of critical medical isotopes used in diagnostic imaging and radioligand therapies. SpectronRx’s portfolio of high-purity isotopes includes Actinium-225, Copper-64, Zirconium-89, Iodine-124, Indium-111, Radium-226, Fluorine-18, Lutetium-177, Lead-212, Thorium-232, Thorium-228, Iodine-123, Iodine-131, Technetium-99, Yttrium-90, Copper-67, Copper-61, Molybdenum-99, Rhenium-186, Gallium-68, Germanium-68 and more. Why scaling matters in isotope production Radiopharmaceutical innovation is advancing rapidly, Zehner noted, but isotope supply and manufacturing capacity remain critical constraints. “Reliable access to high-quality medical isotopes and integrated manufacturing services is essential to advancing the next generation of precision diagnostics and therapies,” said Lars Enstrom, managing director at OrbiMed. “SpectronRx’s combined CDMO, CMO, and isotope production platform, along with its expanding infrastructure, positions the company to play a critical role in enabling the continued growth of the radiopharmaceutical sector.” Isotopes are produced in nuclear reactors (e.g., molybdenum-99 for Tc-99m) or cyclotrons (e.g., F-18 for PET scans). The problem is, many isotopes decay rapidly, requiring production facilities to be located close to end-users (hospitals and imaging centers). The industry also relies on a small number of reactors worldwide, making the supply chain vulnerable to disruptions. SpectronRX is growing its footprint The financing news follows the company’s recent acquisition of an additional 14 acres and the construction of a new 150,000-square-foot production facility. The Grissom Aeroplex campus now spans 34 acres and supports about 200,000 square feet of GMP-aligned manufacturing space, purpose-built to support both isotope production and contract manufacturing operations at scale. Company-wide, SpectronRx now operates more than 400,000 square feet of radiopharmaceutical production space across its global network. Designed for high-throughput production of radioligand therapies (RLT) and diagnostic doses, the Grissom Aeroplex campus currently supports more than 300,000 patient doses annually. Its long-term master plan provides the flexibility to expand beyond one million square feet of production space, positioning SpectronRx to meet growing global demand for decades to come. SpectronRx currently supplies radiopharmaceuticals and isotopes across the United States and internationally, with partners in South America, Europe, Japan, Korea, India, China, and Australia. The Grissom Aeroplex campus further strengthens this global reach, supported by an adjacent 24/7 general aviation airport, proximity to major international cargo hubs, and access to more than 60% of the U.S. population within a 12-hour drive. Additionally, all GMP operations comply with 21 CFR Part 211, 21 CFR Part 212, and EU Annex 1 requirements, supporting both sterile and non-sterile radiopharmaceutical manufacturing for global markets. “Our model is intentionally built to support our partners, not compete with them,” said Anwer Rizvi, president of SpectronRx. “By integrating isotope production with CDMO and CMO services within a single platform, we reduce complexity, accelerate timelines, and improve reliability across the entire lifecycle of a radiopharmaceutical program.” The promise of radiopharmaceuticals In recent years, researchers have found amazing potential for radiopharmaceuticals both in diagnosing and in treating disease. This is helping nuclear medicine, as it is also called, become one of the most powerful tools in precision medicine. “It is an exciting time to be in the radiopharmaceutical industry,” Rizvi told MD+DI in a 2021 interview . “New and exciting therapeutics and diagnostics are being added to the FDA approval pipeline like never before. At some point in the near future, nuclear medicine will no longer be a distant cousin in the world of medicine, it will be front and center with other well-known specialties.” Rizvi also noted that the worlds of radiopharmaceuticals and radiology are often confused. Radiology is designed to see anatomy, whereas nuclear medicine is designed to see physiology. “It is even showing promise at the molecular level. For diagnostic purposes, PET scans use radiopharmaceuticals, which enables the imaging of organ function and disease states with a precision that is well above that of technologies like CT, MRI, and ultrasonography.”