Deals and licences
13 radiopharmaceutical deals since 2017: 9 acquisitions and 4 licences or co-development agreements, 1 of them China-out. What changed hands is a radiopharmaceutical, the isotope supply behind one, or the network that delivers one. Every row has the announcement, the parties, the asset, what was paid up front and the headline total, with territories, and every figure comes from the acquirer's own release.
| From \ To | United States | Europe | China | Japan | Other |
|---|---|---|---|---|---|
| United States | 2 | 3 | · | · | 3 |
| Europe | 1 | 2 | · | · | · |
| China | · | 1 | · | · | · |
| Japan | · | · | · | · | · |
| Other | · | 1 | · | · | · |
Rows are the seller or licensor region, columns the buyer or licensee region. Hover a ribbon or a cell to list the deals. Ribbons are counts of deals, not values, because headline values mix upfront cash with contingent milestones.
2026 2 deals
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2026-09-22 announced | Boomray Pharmaceuticals | Novartis | An undisclosed preclinical radioligand therapy asset; target, isotope and indication were not disclosed Suzhou-based BoomRay's release is the only primary source; neither company named the asset. | Licence | not disclosed | up to $900m, including an undisclosed upfront payment and development, regulatory and sales milestones, plus royalties on future global net sales | Exclusive global licence | source |
| 2026-04-13 announced | Regeneron Pharmaceuticals | Telix Pharmaceuticals | Four initial radiopharmaceutical therapy programmes built on Regeneron antibodies from VelocImmune mice, plus jointly developed diagnostics; Telix contributes radiolabelling, manufacturing and supply Telix's second-quarter 2026 results describe the collaboration as initially focused on lung cancer. No target, isotope or candidate code has been disclosed and nothing is in the clinic. | Co-development | $40m non-refundable payment to Telix | equal share of global commercialisation costs and profits, or up to $2.1bn in aggregate milestones plus low double-digit royalties if Telix opts out of co-funding | Global, with an option to expand to four further programmes | source |
2025 2 deals
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2025-01-13 | Life Molecular Imaging | Lantheus | Neuraceq (florbetaben F-18), an approved amyloid PET agent, with Life Molecular Imaging's pipeline and commercial infrastructure Diagnostics beyond cancer: the buyer of PSMA imaging bought amyloid imaging, as anti-amyloid drugs made PET a gate to treatment. | Acquisition | $350m in cash at closing | up to $750m including $400m in earn-out and milestone payments | Company acquisition; completed 22 July 2025 | source |
| 2025-01-13 | ImaginAb | Telix Pharmaceuticals | Early-stage therapeutic candidates against DLL3 and integrin alpha-v beta-6, a biologics technology platform and a protein engineering and discovery facility The DLL3 candidate is aimed at small-cell lung cancer, and is the closest Telix has to a lung programme: discovery stage, with no TLX code or isotope assigned and no place on the published pipeline. | Acquisition | $45m: $10m cash and $31m equity at closing, plus up to $4m deferred equity | up to $185m in development and commercial milestones, with low single-digit royalties | Asset purchase | source |
2024 5 deals
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2024-10-17 announced | Orano Med | Sanofi | Co-development of lead-212 alpha-emitting radioligand therapies, built on Orano Med's 212Pb production and the AlphaMedix programme Five weeks after licensing AlphaMedix, Sanofi bought into the supply itself: lead-212 is limited by how much thorium-228 exists. | Co-development | €300m for about 16% of the entity, valued at €1.9bn | not disclosed | Joint entity, worldwide | source |
| 2024-09-23 | RLS (USA) Inc. | Telix Pharmaceuticals | RLS Radiopharmacies, a network of 31 licensed US radiopharmacies distributing PET, SPECT and therapeutic radiopharmaceuticals Distribution, not a molecule: a therapy is only as good as the network that can deliver a short-lived dose on time. | Acquisition | $230m in cash | up to $250m including up to $20m in deferred consideration | Company acquisition; completed 27 January 2025 | source |
| 2024-09-12 | RadioMedix | Sanofi | AlphaMedix (lead-212 DOTAMTATE), targeted alpha therapy for neuroendocrine tumours Three-party licence: Sanofi took worldwide rights to the first lead-212 therapy to reach pivotal data. | Licence | €100m | up to €220m in sales milestones plus tiered royalties | Worldwide commercialisation rights | source |
| 2024-05-02 | Mariana Oncology | Novartis | Preclinical radioligand pipeline including MC-339 (actinium-225, small-cell lung cancer) | Acquisition | $1.0bn | up to $1.75bn | Company acquisition | source |
| 2024-03-19 | Fusion Pharmaceuticals (AstraZeneca) | AstraZeneca | FPI-2265 (actinium-225 PSMA) and the Fusion targeted alpha therapy platform | Acquisition | $21.00 per share in cash, about $2.0bn | up to about $2.4bn including a $3.00 per share contingent value right | Company acquisition; closed June 2024 | source |
2023 2 deals
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2023-12-26 | RayzeBio (BMS) | Bristol Myers Squibb | RYZ101 (actinium-225 DOTATATE) and an actinium-based radiopharmaceutical platform | Acquisition | $62.50 per share in cash | about $4.1bn equity value, $3.6bn net of estimated cash acquired | Company acquisition; closed February 2024 | source |
| 2023-10-03 | POINT Biopharma | Eli Lilly (incl. Loxo) | PNT2002 (177Lu-PNT2002, PSMA) and PNT2003 (SSTR), radioligand pipeline and manufacturing | Acquisition | $12.50 per share in cash | about $1.4bn in aggregate | Company acquisition; closed December 2023 | source |
2018 1 deal
2017 1 deal
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2017-10-30 | Advanced Accelerator Applications | Novartis | Lutathera (lutetium-177 dotatate) and the NETSPOT/SomaKit imaging kits | Acquisition | $41 per ordinary share and $82 per ADS, in cash | $3.9bn equity value | Company acquisition; tender offer completed 22 January 2018 | source |
Reading the numbers
“Upfront” is cash at signing plus any stated non-contingent payments. “Total” is the headline “up to” figure including development, regulatory and sales milestones, most of which are never paid. For acquisitions the total is the equity value announced; contingent value rights are noted. Amounts are as announced and are not adjusted for inflation or currency.
Where a figure was not disclosed the cell says so. Nothing is estimated.
What the flow shows
The chord counts deals by the region of the seller or licensor and the buyer or licensee, using the company’s headquarters. The China-to-United States and China-to-Europe ribbons are the China-out ADC and bispecific wave of 2022 to 2025; Japan-to-United States is the Daiichi Sankyo DXd platform; United States-to-United States is mostly acquisitions.
Add a deal in src/data/deals.ts with the announcement as the source. Companies outside the corpus are named with a country code so they still appear in the flow.