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Private entity Lantheus, a similarly minded healthcare player, has acquired just over 12% of Radiopharm (ASX:RAD) through an $8 million placement.
Lantheus is a “leading radiopharmaceutical-focused company” headquartered in Massachusetts and with offices in Sweden and Canada.
“We have been working closely with Lantheus since the initial investment announced in June 2024, and we are delighted with the collaboration that has been taking place between our two companies,” RAD CEO Riccardo Canevari said after the deal was locked.
Shares jumped 40% to 3.4cps – an exaggerated effect based on low liquidity for the $52 million-capped company. The placement, priced at 6cps, was at a 150% premium to the last closing price of 2.4cps.
Radiopharm’s existing clinical pipeline will be the target of interest as far as the new funding is concerned with the deal set to prolong internal development.
Just last month, the company won approval for human safety studies of its Lu-RAD202 product targeting breast and gastric cancer patients. Lu-RAD202 ‘seeks out’ the chemical signals such cancers secrete once established, with any luck, eventually allowing RAD to produce an effective co-treatment for both conditions.
The company is eyeing multiple tumour types for that drug; the company also operates in the clinical imaging space.
RAD last traded at 3.4cps.
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