On Tuesday, Lantheus Holdings, Inc. (NASDAQ:LNTH) agreed to acquire Evergreen Theragnostics, Inc. in an all-cash transaction involving an upfront payment of $250 million and up to an additional $752.5 million in potential milestone payments.

Evergreen is a clinical-stage radiopharmaceutical company that offers Contract Development and Manufacturing (CDMO) services, drug discovery, and the commercialization of proprietary products.

This transaction will solidify Lantheus’ capabilities as a fully integrated radiopharmaceutical company.

Also Read: New Reimbursement Rules For Diagnostic Radiopharmaceuticals Is ‘Undoubtedly’ Positive for Lantheus: Analyst

The acquisition also expands Lantheus’ oncology diagnostic pipeline by adding both OCTEVY, a registrational-stage PET diagnostic agent for certain neuroendocrine tumors (NETs) that could complement Lantheus’ therapeutic candidate PNT2003, as well as several clinical and pre-clinical novel theranostic pairs.

The transaction is expected to close in the second half of 2025.

The company also reaffirmed its fiscal year 2024 revenue guidance of $1.51 billion—$1.52 billion and adjusted EPS of $6.65-$6.70, compared to consensus of $1.52 billion and $6.74, respectively.

Last week, Lantheus agreed to acquire Life Molecular Imaging in an all-cash transaction consisting of an upfront payment of $350 million and up to an additional $400 million in potential earn-out and milestone payments.

Life Molecular, a Life Healthcare Group Holdings Ltd’s subsidiary, offers Positron Emission Tomography (PET) radiopharmaceutical diagnostics.

The acquisition is expected to immediately enhance Lantheus’ near and long-term growth profile and establish a commercial Alzheimer’s disease (AD) franchise with the addition of Neuraceq (florbetaben F18 injection), a F-18 radioactive diagnostic agent indicated for PET imaging of the brain to estimate β-amyloid neuritic plaque density in adult patients with cognitive impairment who are being evaluated for AD and other causes of cognitive decline.

The transaction is expected to be accretive to Lantheus’ Adjusted Earnings Per Share within 12 months of close.

Price Action: At last check on Tuesday, LNTH stock was down 5.56% to $92.85.

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This article Lantheus To Buy Evergreen Theragnostics For Over $1 Billion To Bolster Its Cancer Radiopharmaceutical Portfolio originally appeared on Benzinga.com

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