Curium to buy Lantheus in deal worth up to $8 billion

Curium has agreed to acquire Lantheus Holdings in a transaction worth up to $8 billion, expanding the private equity-backed company's presence in the fast-growing radiopharmaceuticals market. Lantheus shareholders will receive $102.50 per share in cash at closing and rights to up to $12 more per share if certain sales targets are achieved by 2030, for total potential consideration of $114.50 per share. The offer represents a premium of about 14.9% to Lantheus' last closing price of $99.64, and Lantheus shares rose more than 2% in morning trading. Analysts said the upfront cash price was fair but below where many investors had been positioned, while also warning the deal could face relatively high regulatory scrutiny because Curium and Lantheus are both major players in diagnostic radiopharmaceuticals. The transaction, financed with a mix of debt and equity, is expected to close in the first half of 2027. The agreement comes after months of takeover interest around Lantheus and adds to a string of acquisitions across radiopharmaceuticals, an area that uses radioactive compounds to diagnose and treat diseases including cancer. Lantheus' lead product, Pylarify, is a prostate cancer imaging agent used in PET scans. Separately, Halper Sadeh LLC said it is investigating the sale for potential violations of federal securities laws and breaches of fiduciary duties to shareholders. The firm said Lantheus investors would receive $102.50 per share in cash plus non-transferable Contingent Value Rights for up to $12.00 per share in additional payments tied to specified commercial milestones for Lantheus products through 2030, and said it may seek increased consideration, additional disclosures or other relief on behalf of shareholders.