Lantheus Holdings, Inc. announced on January 8 a definitive agreement to acquire Evergreen Theragnostics, Inc. in an all-cash transaction of an upfront payment of $250 million and up to an additional $752.5 million in potential milestone payments. The transaction is expected to solidify Lantheus’ capabilities as a fully integrated radiopharmaceutical company and is expected to close in the second half of 2025.
Founded in 2019, Evergreen Theragnostics is focused on improving the available options for cancer patients using radiopharmaceuticals. The company is engaged in contract development and manufacturing (CDMO) services, as well as drug discovery and commercialization of proprietary products. Evergreen is headquartered in Springfield, New Jersey in a radiopharmaceutical facility.
Lantheus Holdings was founded in 1956 and is a radiopharmaceutical-focused company that develops, manufactures and commercializes diagnostic and therapeutic products. Lantheus’ products assist clinicians in the diagnosis and treatment of heart, cancer and other diseases worldwide.
Solomon Partners Securities, LLC acted as financial advisor to Lantheus in this transaction, while Cooley LLP and Ropes & Gray LLP acted as legal advisors, and Ernst & Young LLP acted as financial and tax advisor. Centerview Partners LLC acted as financial advisor to Evergreen, while Skadden, Arps, Slate, Meagher & Flom LLP and Lowenstein Sandler LLP acted as legal advisors, and Grant Thornton Advisors LLC acted as tax advisor.
According to data captured in the LevinPro HC database, this acquisition represents the sixth CDMO deal of 2025. Other companies that have made acquisitions in the CDMO space during January 2025 are Waud Capital Partners, DirectMed Imaging, Tanvex BioPharma, ProPhase Labs and De Agostini S.p.A. There were 30 CDMO transactions announced during 2024, 21 announced during 2023 and 38 announced during 2022.
