Curium to Buy Lantheus in $8 Billion Cash-and-CVR Deal
Curium US Holdings agreed to acquire Lantheus Holdings for up to $114.50 a share, pairing its theranostics manufacturing base with Lantheus' U.S. radiodiagnostics franchise to build a company spanning diagnostics and therapy across more than 70 countries.
Curium US Holdings LLC agreed to acquire Lantheus Holdings, Inc. (LNTH) in an all-cash transaction valued at up to $8.0 billion. Under the agreement, Lantheus shareholders will receive $102.50 a share in cash at closing plus up to $12.00 a share in non-transferable Contingent Value Rights tied to commercial milestones, for total consideration of up to $114.50 a share.
The headline value represents a 38% premium to Lantheus' unaffected 60-day volume-weighted average price, a 29% premium to its unaffected 30-day VWAP, and a 21% premium to its unaffected closing price, each measured as of May 21, 2026, the last trading day before the first media report of a potential sale. The cash portion delivers certain value at closing, while the CVR structure lets shareholders participate in additional upside tied to specified sales thresholds across Lantheus' prostate cancer, neurology and DEFINITY franchises through fiscal 2030. The transaction is expected to be financed through a combination of debt and equity, carries no financing condition, and is expected to close in the first half of 2027 subject to Lantheus shareholder approval and regulatory clearances.
The deal accelerates Curium's strategy of building a theranostics platform spanning diagnostics and therapeutics across more than 70 countries by adding Lantheus' complementary U.S. radiodiagnostics business and commercial infrastructure. "Lantheus is the ideal partner to accelerate what we have been building at Curium," said Renaud Dehareng, Chief Executive Officer of Curium Group. Dehareng said Lantheus' F18-isotope-based prostate diagnostics franchise marks Curium's entry into the U.S. market for neurology and echocardiography diagnostics.
Lantheus has spent 70 years building out a radiodiagnostics portfolio anchored by PYLARIFY, which helped establish PSMA PET imaging as the standard of care in prostate cancer, alongside DEFINITY in cardiac ultrasound and Neuraceq in beta-amyloid PET imaging. The Lantheus board, after a review of strategic alternatives that included outreach to multiple third parties, unanimously determined the deal was the value-maximizing path for shareholders relative to remaining standalone.
The agreement follows a run of bolt-on deals through which Lantheus itself built out its radiopharmaceutical pipeline, including its January 2025 acquisition of Life Molecular Imaging for an upfront $350 million to gain Neuraceq and an Alzheimer's diagnostics franchise, and its acquisition the same month of Evergreen Theragnostics for an upfront $250 million to add manufacturing infrastructure and the OCTEVY neuroendocrine tumor diagnostic. Curium's purchase of Lantheus marks a shift from that acquisitive expansion to Lantheus itself being absorbed into a larger global platform.
Curium is controlled by CapVest Partners LLP, which recapitalized the company last year in a transaction valuing the Curium Group at approximately $7 billion. Kate Briant, Senior Partner at CapVest and Chair of Curium's board, said the transaction "underlies our ongoing commitment to Curium's growth" and reflects conviction in the future of nuclear medicine. Lantheus will continue operating as an independent public company until the deal closes, at which point it will be taken private.