On January 9, 2024 Lantheus Holdings, Inc. (Lantheus) (NASDAQ: LNTH) reported it has entered into multiple strategic agreements with Perspective Therapeutics, Inc. (Perspective) (NYSE AMERICAN: CATX), a radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body. Under the agreements, 1) Lantheus obtains an option to exclusively license Perspective’s Pb212-VMT-⍺-NET, a clinical stage alpha therapy developed for the treatment of neuroendocrine tumors, and an option to co-develop certain early stage therapeutic candidates targeting prostate cancer using Perspective’s innovative lead platform technology, for an aggregate upfront payment of $28 million in cash; 2) Lantheus has agreed to purchase up to 19.9% of Perspective’s outstanding shares of common stock for up to approximately $33 million, subject to completion of a qualified third party financing transaction and certain other closing conditions; and 3) Perspective intends to acquire the assets and associated lease of Lantheus’ radiopharmaceutical manufacturing facility in Somerset, New Jersey for an undisclosed price.

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"These strategic transactions will expand our pipeline and create a pathway for impactful advancements in neuroendocrine tumors and prostate cancer," said Mary Anne Heino, Chief Executive Officer of Lantheus. "We are excited to partner with Perspective, which has developed a best-in-class alpha therapy platform for lead-based therapies, and we are particularly encouraged by the early data from VMT-⍺-NET. This potentially enables Lantheus to expand our pipeline into promising alpha therapies and further solidifies our position as the leading radiopharmaceutical-focused company."

Thijs Spoor, Chief Executive Officer of Perspective, stated, "Perspective stands at the forefront of innovation in precision oncology, particularly in the development of alpha therapies and complementary diagnostic imaging agents. In addition, Perspective’s acquisition of the Somerset radiopharmaceutical manufacturing facility will provide the company with an in-house manufacturing footprint to support its lead portfolio."

"This collaboration with Lantheus, a leader in the radiopharmaceutical space, marks a significant milestone in advancing treatment options for various cancers, bringing us closer to more effective and targeted interventions," continued Mr. Spoor.

The options took effect immediately following execution of the related definitive agreements. Under the terms of the option agreement, Lantheus also has a right of first offer and last look protections for any third party merger and acquisition transactions involving Perspective for a twelve-month period. The closing of Perspective’s acquisition of the assets and associated lease of the Somerset manufacturing facility is subject to customary closing conditions, including regulatory approval. The closing of Lantheus’ equity investment in Perspective is subject to the closing of Perspective’s next qualifying third party equity financing totaling at least $50 million (excluding Lantheus’ equity investment) and other customary closing conditions and will be consummated concurrently with the closing of Perspective’s next third party equity financing. The purchase price per share is also subject to adjustment based on such third party qualifying equity financing.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities of Perspective, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

(Press release, Lantheus, JAN 9, 2024, View Source [SID1234662964])