Global investment firm CapVest Partners LLP is doubling down on nuclear medicine after portfolio company Curium agreed to acquire Lantheus Holdings Inc. (NASDAQ:LNTH) in a deal valued at up to $8 billion.
Kate Briant, Chair of Curium’s Board of Directors and a Senior Partner at CapVest, said the acquisition reflects the firm’s confidence in the long-term growth of the nuclear medicine market.
The transaction combines Curium’s therapeutic capabilities with Lantheus’ diagnostic imaging portfolio to create a larger global radiopharmaceutical company.
Deal Values Lantheus At Up To $114.50 Per Share
Under the agreement, Lantheus shareholders will receive $102.50 per share in cash at closing. They will also receive non-transferable contingent value rights (CVRs) worth up to an additional $12.00 per share if specified commercial milestones are achieved through 2030.
Including the CVRs, the deal is valued at up to $114.50 per share, representing a 38% premium to Lantheus’ unaffected 60-day volume-weighted average share price as of May 21, 2026, the last trading day before the first media report of a potential sale transaction.
The transaction is expected to close in the first half of 2027, subject to customary approvals.
Lantheus Board Backed Deal Unanimously
Lantheus’ board unanimously approved the acquisition after reviewing multiple strategic alternatives, including outreach to potential buyers and remaining an independent company.
The board determined that the Curium transaction offered the best opportunity to maximize shareholder value.
Building A Global Nuclear Medicine Leader
CapVest founded Curium in 2017 and remains its controlling shareholder following a recapitalization in 2025 that valued the company at about $7 billion.
Briant said the combination will strengthen Curium’s ability to capitalize on growing demand for nuclear medicine and accelerate the delivery of new diagnostic and therapeutic solutions worldwide.
The combined company will operate across more than 70 countries and span the full nuclear medicine value chain, from isotope production and manufacturing to diagnostic imaging and targeted radionuclide therapies. Its portfolio will include products such as PYLARIFY, DEFINITY and Neuraceq.
Analyst Says Another Bid Is Unlikely
William Blair analyst Andy Hsieh said the transaction is a favorable outcome for Lantheus shareholders given the operational challenges the company has faced over the past two years.
“We believe the Curium merger represents an excellent outcome for Lantheus shareholders, especially against the backdrop of operational headwinds experienced in the past two years,” Hsieh wrote.
He added, “Given the small number of companies that possess the technical know-how to absorb a radiodiagnostic company, we believe it is unlikely that another bidder will emerge.”
Hsieh said Lantheus’ U.S.-focused radiodiagnostics business complements Curium’s theranostics portfolio, making the combination strategically compelling.
LNTH Price Action: Lantheus Holdings shares were up 2.37% at $102.00 at the time of publication on Monday, according to Benzinga Pro data.
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