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Shares in Radiopharm Theranostics (ASX: RAD) shot up by 50 per cent today after announcing that Nasdaq-listed Lantheus Holdings – one the world's largest radiopharmaceutical companies - will inject an additional $8 million (USD$5 million) in the company.
The investment, completed through a private placement, involves Lantheus purchasing shares 6cps - representing a 150 per cent premium to Radiopharm's last closing price. The capital injection increases Lantheus's ownership in Radiopharm to 12.16 per cent - making it the largest shareholder.
The news comes only a week after Radiopharm announced a co-development agreement with Lantheus to advance clinical development of innovative radiopharmaceuticals in Australia. Under this agreement, Radiopharm will lead clinical development, with Lantheus funding all associated costs. Radiopharm is also eligible to receive up to $3.2 million (USD$2 million) in milestone payments upon achieving key clinical objectives.
Founded in 2021 by Paul Hopper, Sydney-based Radiopharm Theranostics offers radiopharmaceutical and nuclear medicine products for both diagnostic and therapeutic uses. Radiopharm's expanded partnership with Lantheus is expected to fast-track the development of its robust pipeline, which includes one Phase II and three Phase I clinical trials targeting a range of solid tumors such as brain, lung, breast and pancreatic cancers.
“We are delighted to have Lantheus increase its shareholding in RAD, now making it the largest shareholder with over 12 per cent of the company,” Radiopharm Theranostics CEO Riccardo Canevari said.
“We have been working closely with Lantheus since the initial investment announced in June 2024, and we are delighted with the collaboration that has been taking place between our two companies. We look forward to continuing this positive momentum going forward.”
Based in Massachusetts, Lantheus Holdings has been a leader in the radiopharmaceutical industry for more than 65 years, delivering solutions to help clinicians detect and treat diseases effectively. The long-time company also has offices in Canada and Sweden.
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