Lantheus Holdings, the parent company of Lantheus Medical Imaging and Progenics Pharmaceuticals, has entered into a stock purchase agreement to sell off a pair of its nuclear medicine assets, the company announced on Dec. 3.
As part of the deal, Pharmalogic has agreed to an $18 million, all-cash purchase of Lantheus’ radiopharmacy and PET manufacturing businesses in San Juan, Puerto Rico. The latter manufactures individual doses of fluorodeoxyglucose, while the former prepares patient-ready doses of radiopharmaceuticals.
Additionally, the two firms agreed to a long-term partnership under which Lantheus will supply its products to PharmaLogic, which will buy certain products from Massachusetts-based Lantheus.
The entire deal is subject to customary closing conditions expected to wrap-up in the first quarter of next year.
“This transaction extends our strategic relationship with PharmaLogic, the fundamental business of which is dedicated to nuclear medicine and radiopharmaceutical production, simplifies our distribution model in Puerto Rico, and allows us to use the proceeds from the transaction to invest in our core businesses and product pipeline,” Mary Anne Heino, President and CEO of Lantheus, said in a statement. “We look forward to working closely with PharmaLogic to close the transaction and execute a smooth transition for customers, patients, suppliers and employees.”
PharmaLogic operates 40 radiopharmacy facilities across North America and recently appointed Elizabeth Romero, MS, as the president of its board.
Matt joined Chicago’s TriMed team in 2018 covering all areas of health imaging after two years reporting on the hospital field. He holds a bachelor’s in English from UIC, and enjoys a good cup of coffee and an interesting documentary.