Radiopharm Theranostics (ASX:RAD) partnered with Nasdaq-listed Lantheus to develop oncology radiopharmaceuticals in Australia, according to a Monday filing with the Australian bourse.

The partnership will see the company lead clinical development efforts, with Lantheus covering costs associated with the program, the filing said.

The company will receive up to $2 million in milestone payments for achieving key clinical development objectives, such as ethics committee approval, first patient dosing, and patient enrollment for the first imaging trial, according to the filing.

Radiopharm Theranostics shares rose nearly 9% in morning trade Tuesday.