Curium to Acquire Lantheus in $8 Billion Radiopharma Megadeal

What Happened

Curium, the private equity-backed radiopharmaceutical company, agreed to acquire Lantheus Holdings (NASDAQ: LNTH) in a deal worth up to $8.0 billion, the companies announced August 3, 2026. Under the definitive agreement, Lantheus shareholders will receive $102.50 per share in cash at closing plus non-transferable Contingent Value Rights (CVRs) worth up to $12.00 per share, for total consideration of up to $114.50 per share. (Curium/Lantheus joint press release via BioSpace)

Lantheus closed at $99.64 on Friday, July 31 (Polygon), meaning the upfront $102.50 cash portion represents a modest 2.9% premium to the last close. The deal was first reported as a potential transaction in May 2026 by Bloomberg, and the premium math is calculated against the unaffected price: 38% to the 60-day volume-weighted average price and 29% to the 30-day VWAP, both as of May 21, 2026, the last trading day before the first media report of a possible sale. (Reuters)

The Numbers

Metric	Value
Upfront cash per share	$102.50
CVR per share (contingent)	Up to $12.00
Total per share consideration	Up to $114.50
Total transaction value	Up to ~$8.0 billion
Premium to 60-day VWAP	38%
Premium to 30-day VWAP	29%
LNTH close (July 31, Polygon)	$99.64
Expected close	First half of 2027
Financing	Mix of debt and equity

The CVR structure ties up to $12.00 per share in additional cash to specified commercial milestones for Lantheus products through 2030. This gives Lantheus shareholders participation in upside if the commercial portfolio outperforms, while Curium limits its upfront cash outlay.

Why It Matters

This is the largest radiopharmaceutical acquisition ever, eclipsing Bristol Myers Squibb’s $4.1 billion RayzeBio deal, AstraZeneca’s $2.4 billion Fusion Pharmaceuticals acquisition, and Eli Lilly’s $1.4 billion Point Biopharma pickup. Radiopharma has been one of the hottest dealmaking sectors in healthcare, driven by the theranostics thesis: pairing diagnostic imaging agents with targeted radioligand therapies to find and treat cancer.

Curium, backed by CapVest Partners, brings global manufacturing and a theranostics pipeline spanning oncology, neurology, and cardiology across 70+ countries. Lantheus brings a U.S. commercial franchise anchored by PYLARIFY, the PSMA PET imaging agent that established prostate cancer imaging as a standard of care, plus DEFINITY in cardiac ultrasound and Neuraceq in beta-amyloid PET imaging. The combined entity would span the full nuclear medicine value chain from isotope production through diagnostic imaging and targeted radionuclide therapy.

The deal also highlights the competitive pressure on Lantheus as a standalone company. PYLARIFY revenue declined 6.5% year over year in Q1 2026 to $240.9 million, facing generic competition from free Ga-68 PSMA-11 at academic centers. The company received a Complete Response Letter for LNTH-2501 (Gallium-68 edotreotide kit for neuroendocrine tumor imaging) in June. The acquisition gives Lantheus shareholders a clean exit at a premium while Curium absorbs the commercial infrastructure into a broader global platform.

Regulatory scrutiny is expected. Jones Trading analyst Justin Walsh flagged “relatively high regulatory scrutiny” because both companies are major players in diagnostic radiopharmaceuticals, and antitrust review could extend the timeline.

What to Watch Next

The deal is expected to close in the first half of 2027, subject to regulatory approvals and customary closing conditions. Watch for the antitrust review timeline, any competing bids for Lantheus, and updates on the CVR milestone targets. B. Riley Securities analyst Yuan Zhi noted the $102.50 upfront is “a fair price but not a generous one,” suggesting some shareholders may push for a higher offer. See our earlier diagnostics sector analysis for context on Lantheus’s competitive position.