Radiopharm Theranostics (ASX: RAD) announces AU$18M investment from Lantheus Holdings

June 20, 2024 01:52 PM AEST | By Aditi Sarkar

Radiopharm Theranostics (ASX: RAD) announces AU$18M investment from Lantheus Holdings — Image source: Company update

Recent News

Gabe McDaniel Releases Debut EP, 'Like We Mean It' — A Gritty, Soulful...

Southwire Named to America’s Greatest Workplaces for Women 2025 Rankin...

PotlatchDeltic Contributes to Heyburn Elementary Playground

Jake Brown Named Hypertherm Associates’ EVP, Global Sales and Marketin...

Highlights

Radiopharm secured AU$7.5 million as initial equity investment from Lantheus under a strategic agreement.

Lantheus retains the option for an additional AU$7.5 million investment in Radiopharm within six months.

Transfer and development agreement grants Lantheus rights to a TROP2 targeting nanobody and a LRRC15 targeting mAb for AU$3.0 million

Proceeds will fund drug manufacturing, clinical trials, and general working capital.

Radiopharm Theranostics Limited (ASX: RAD), an Australia-based biotechnology company, has announced a significant strategic investment from Lantheus Holdings, Inc. (NASDAQ:LNTH) and its affiliates. This move marks a pivotal moment for Radiopharm as it accelerates its growth and development initiatives in the radiopharmaceuticals space.

Under the terms of the agreement, Lantheus will make an initial equity investment of AU$7.5 million, with an option to invest an additional AU$7.5 million within six months, both at an offer price of AU$0.05 per share. This price represents a generous 47% premium over Radiopharm's closing price of AU$0.034 on 19 June 2024.

In addition to the equity investment, Lantheus will pay AU$3.0 million upfront to acquire two early preclinical assets from Radiopharm, including a TROP2 targeting nanobody and a LRRC15 targeting mAb. This is pursuant to a separate transfer and development agreement.

Radiopharm will utilise the net proceeds of this investment for critical activities such as advancing clinical trials, drug manufacturing, and bolstering general working capital. These initiatives are expected to enhance the company’s capabilities in delivering innovative radiopharmaceutical solutions to address unmet medical needs.

Under the subscription agreement, Lantheus has subscribed for up to:

Riley Securities acted as the exclusive financial advisor to Radiopharm Theranostics in this transaction.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.