Lantheus Takes a Dive into Pharma with Proposed Acquisition

Lantheus Holdings is expanding its presence in the world of radiopharmaceutical diagnostics through a newly-proposed acquisition. On Wednesday, the North Billerica, MA-based company announced it would acquire Progenics Pharmaceuticals, an oncology company developing solutions to find, fight, and follow cancer in an all-stock transaction. The transaction has been unanimously approved by the Boards of Directors of both companies. Under the terms of the agreement, Lantheus Holdings will acquire all of the issued and outstanding common shares of Progenics stock at a fixed exchange ratio. Progenics shareholders will receive 0.2502 shares of Lantheus Holdings stock for each share of Progenics stock, representing about a 35% aggregate ownership stake in the combined company. Mary Anne Heino, President and CEO of Lantheus, addressed the acquisition, during a conference call. “Together we will have a broad portfolio of precision diagnostics and therapeutics products focused on driving strategic pipeline investments to capitalize on market opportunities and maximize returns,” Heino during the call. Progenics’ oncology-focused portfolio currently includes three FDA approved products as well as a rich product pipeline. Progenics has developed Azedra, a product used to treat adult and pediatric patients 12 years and older for the ultra-orphan indications of pheochromocytoma and paraganglioma. Progenics’ other approved...
Source: MDDI - Category: Medical Devices Authors: Tags: Business Imaging Source Type: news