Curium, a France headquartered global radiopharmaceutical company, is merging with fellow radiopharmaceutical company, Nasdaq-listed Lantheus Holdings, in a deal that sees the creation of a company spanning diagnostics and therapeutics, with the infrastructure and capabilities to serve patients in more than 70 countries.
The transaction represents a total per share consideration of up to US$114.50 and a total transaction value of up to approximately US$8.0bn. In the deal, Curium is to acquire all of the outstanding shares of Lantheus for US$102.50 per share in cash, plus non-transferable CVRs providing for up to US$12.00 per share in potential additional cash payments, subject to achievement of specified commercial milestones for Lantheus’ products through 2030.
The total value represents a premium of 38% to Lantheus’ unaffected 60-day VWAP, a premium of 29% to Lantheus’ unaffected 30-day VWAP, and a premium of 21% to Lantheus’ closing price as of 21 May.
Lantheus reported worldwide revenue of US$1.54bn for the full year 2025 and US$377.3m in the first quarter 2026.
Curium expects to finance the deal through a combination of debt and equity.
“Lantheus is the ideal partner to accelerate what we have been building at Curium,” said Renaud Dehareng, CEO of Curium Group. “Together, we will provide meaningful theranostic options to patients from SPECT and PET diagnostics to targeted radioligand therapy across the globe.”
Curium has built a theranostics platform by expanding its global manufacturing footprint and advancing its radioligand therapy pipeline across key regions. The acquisition marks Curium’s entry in the US market for diagnostic solutions targeting Neurology and Echocardiography. Lantheus’ business brings a US commercial infrastructure and a complementary F18-isotope based prostate diagnostics franchise.
“We believe this transaction is the ultimate validation of what the Lantheus team has built over seven decades of innovation in radiopharmaceuticals,” said Mary Anne Heino, executive chair and CEO of Lantheus. “Combining strategically with Curium brings together two pioneers with complementary strengths and a shared passion for nuclear medicine.”
Curium was established in 2017 by global investment firm CapVest Partners which remains its controlling shareholder and last year completed the recapitalisation of Curium in a transaction which valued the Curium Group at approximately US$7bn, at the time the largest transaction in nuclear medicine globally.
“This transaction underlies our ongoing commitment to Curium’s growth and emphasises our strong conviction in the potential of nuclear medicine and the future of the sector,” said Kate Briant, senior partner at CapVest and chair of Curium’s board. “This highly strategic combination will allow the combined company to capitalise on the significant emerging opportunities and allow us to accelerate bringing life-changing solutions to healthcare professionals and patients around the world.”
Lantheus, with the assistance of its financial advisors, conducted a comprehensive evaluation of its strategic options, including outreach to multiple third parties and remaining as a standalone company. Following the process, the board unanimously determined that this transaction is in the best interests of Lantheus and its shareholders, and has unanimously approved the deal.
Morgan Stanley is lead financial advisor to Lantheus, with BofA Securities and Solomon Partners Securities also acting as financial advisors. Covington & Burling and Ropes & Gray are legal counsel.
Jefferies is lead financial advisor to Curium. JP Morgan and PJT Partners are also financial advisors. Kirkland & Ellis and Arnold & Porter Kaye Scholer are legal counsel.
Press release: Curium Announces Definitive Agreement to Merge with Lantheus | Lantheus Holdings, Inc.
