Curium to Acquire Lantheus in $8 Billion Deal

Curium US Holdings has entered a definitive agreement to acquire LNTH for $102.50 per share in cash at closing, plus contingent value rights worth up to $12.00 per share, for total consideration of up to $114.50 per share and a deal value of roughly $8.0 billion [doc7, doc8]. The cash portion alone represents a 38% premium to Lantheus' 60-day volume-weighted average price and 29% to its 30-day VWAP as of May 21, 2026 .

The CVR is the structural detail that matters here. Rather than pay the full headline number up front, Curium ties up to $12.00 per share to specified commercial sales milestones across Lantheus' prostate-cancer diagnostics, neurology diagnostics and DEFINITY lines through 2030 . That shifts execution risk on the pipeline back onto selling holders and is a common structure when a buyer and a target disagree on the ramp of a franchise rather than on its existence. The combination pairs Curium's theranostics platform with Lantheus' radiodiagnostics business, serving oncology, neurology and cardiology patients in more than 70 countries [doc7, doc8].

The transaction is expected to close in the first half of 2027, subject to shareholder approval and regulatory clearances, at which point Lantheus shares are cancelled and holders receive the cash consideration plus the CVRs [doc7, doc8]. Bloomberg had reported a roughly $7 billion deal in late July, so the final structure came in above the leaked figure once the CVRs are counted. What to watch: how the arbitrage spread trades against the $102.50 cash floor given a close more than a year out, the specific milestone thresholds when the merger proxy is filed, and whether a competing bid emerges for one of the few scaled independent radiopharmaceutical assets left.

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