Lantheus expands in neuro and oncology with LMI and Evergreen acquisitions

Companies are focusing on theranostics and targeted diagnostic agents. Credit: VesnaArt / Shutterstock

The demand for imaging agents is growing, driven by their potential to enhance diagnostic accuracy and therapeutic outcomes — an increasingly critical factor as the population ages and disease prevalence rises. As the nuclear imaging industry shifts toward more precise, patient-specific solutions, companies are focusing on theranostics and targeted diagnostic agents that both improve early disease detection and support personalised treatment strategies.

Lantheus, a leader in radiopharmaceuticals, is expanding its capabilities in this evolving landscape through the recently announced acquisitions of Life Molecular Imaging (LMI) and Evergreen Theragnostics. The transactions are expected to close in the second half of 2025. These strategic moves will strengthen Lantheus’s presence in neuroimaging and oncology, both rapidly advancing fields in which imaging plays a crucial role in disease management.

Neuroimaging is critical for Alzheimer’s disease management as it enables earlier and more accurate diagnoses through the detection of biomarkers such as β-amyloid plaques and tau protein. Lantheus’s acquisition of LMI brings new neuroimaging assets into its portfolio, including NeuraCeq (florbetaben F 18 injection), an FDA-approved positron emission tomography (PET) agent designed to identify β-amyloid plaques, and ADvance (PI-2620), a tau PET agent in late-stage clinical development. These additions complement Lantheus’s existing neuroimaging pipeline, which includes NAV-4694, a β-amyloid agent acquired from Meilleur Technologies in 2024, and MK-6240, a tau imaging agent acquired from Cerveau Technologies in 2023. NeuraCeq competes with established products such as Eli Lilly’s Amyvid (florbetapir F 18 injection) and GE Healthcare’s Vizamyl (flutemetamol F 18 injection), while ADvance is poised to strengthen Lantheus’ position in the growing tau-based imaging market. These acquisitions position Lantheus as a strong player in Alzheimer’s disease diagnostics.

Beyond neuroimaging, nuclear medicine is playing an increasingly prominent role in oncology. Theranostics are transforming cancer care by enabling more precise tumour detection and treatment. Lantheus’s acquisition of Evergreen Theragnostics further strengthens its expansion into oncology imaging. Evergreen Theragnostics specialises in the development and manufacturing of radiopharmaceuticals, including Octevy (kit for preparation of Ga 68 DOTATOC injection), a registrational-stage PET diagnostic agent targeting neuroendocrine tumours. In mid-2024, Lantheus also licensed RM2 from LMI, a theranostic agent that utilises Lu-177 and Ga-68 to treat malignant tumours such as prostate, breast and lung cancers.

These developments enhance Lantheus’s already established oncology portfolio, which includes Pylarify (piflufolastat F 18), a leading prostate-specific membrane antigen (PSMA)-targeting imaging agent, and a growing pipeline addressing various solid tumours. As other major industry players such as Eli Lilly, GE Healthcare, Curium Pharma and Novartis also invest in targeted imaging and theranostic solutions, the competitive landscape in oncology imaging is rapidly evolving.

As nuclear imaging continues to advance, its integration with therapeutic applications is expected to expand, leading to more comprehensive approaches to disease diagnosis and treatment. The next generation of imaging agents will likely focus on multi-targeted theranostics, additional biomarker coverage and improved specificity, enhancing both diagnostic accuracy and patient outcomes. Integration with AI-based imaging analysis could streamline diagnostic workflows and enhance image interpretation.

Companies that align their innovation strategies with clinical needs and market trends will be best positioned to lead in this evolving field. While technical advancements are expanding potential applications, market growth will be influenced by clinical demand, regulatory decisions and competitive positioning among key players. With its recent acquisitions, Lantheus is reinforcing its commitment to precision medicine, strengthening its role in both neuroimaging and oncology, and preparing for the next phase of nuclear imaging advancements.

GlobalData’s business fundamentals senior analyst Ophelia Chan says: “Oncology continued to dominate as the leading therapeutic area for IPOs this year, highlighted by CG Oncology’s $437m upsized IPO—the largest and first of the year. The company’s robust clinical data and ability to secure substantial capital have contributed to its strong performance in 2024.”

After a quiet summer, the IPO market reached full swing in autumn when Bicara Therapeutics, Zenas BioPharma, and MBX Biosciences all opened on the NASDAQ on the same Friday in September. The ‘triple-header event’ saw the three companies pull in over $700m combined. It was no surprise that the surge in activity came after the Federal Reserve’s decision to lower interest rates for the first time in years, ushering in a more inviting funding environment. This fruitful month was a stark contrast to August, which saw a significant global stock market dip amid fears of a US recession.

In June, Telix Pharmaceuticals – an emerging player in the fast-growing radiopharmaceutical space – pulled a last-minute plug on its IPO. The Australian company had been planning to list on NASDAQ and was on course to raise $232m – a value that would have placed it high on the list of biotech IPO sizes this year. Telix cited that its board did not move forward with the plans due to market conditions at the time.

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Australia could be one of the main beneficiaries of this dramatic increase in demand, where private companies and local governments alike are eager to expand the country’s nascent rare earths production. In 2021, Australia produced the fourth-most rare earths in the world. It’s total annual production of 19,958 tonnes remains significantly less than the mammoth 152,407 tonnes produced by China, but a dramatic improvement over the 1,995 tonnes produced domestically in 2011.

The dominance of China in the rare earths space has also encouraged other countries, notably the US, to look further afield for rare earth deposits to diversify their supply of the increasingly vital minerals. With the US eager to ringfence rare earth production within its allies as part of the Inflation Reduction Act, including potentially allowing the Department of Defense to invest in Australian rare earths, there could be an unexpected windfall for Australian rare earths producers.