Radiopharmaceutical-focused company Lantheus Holdings Inc (NASDAQ:LNTH) on Tuesday announced a definitive agreement to acquire Evergreen Theragnostics Inc, a clinical-stage radiopharmaceutical company engaged in Contract Development and Manufacturing (CDMO) services as well as drug discovery and commercialisation of proprietary products.

Under the terms of the all-cash transaction Lantheus will pay USD250m upfront plus up to an additional USD752.5m in potential milestone payments.

This acquisition strengthens Lantheus' position as a fully integrated radiopharmaceutical company.

Evergreen brings scalable manufacturing capabilities and a strong pipeline of oncology radiopharmaceuticals, including OCTEVY, a registrational-stage diagnostic agent for neuroendocrine tumours.

Subject to customary closing conditions, including regulatory clearance, the transaction is expected to close in the second half of 2025.