Lantheus Inks Definitive $8B Merger with Curium: $102.50/Share Cash Plus CVRs
LNTH has more than doubled off its 52-week low of $47.25.
Summary
Lantheus agreed to be acquired by Curium US in an all-cash deal valued at up to $8.0 billion. Shareholders will receive $102.50 per share at closing plus up to $12.00 per share in contingent value rights tied to product sales milestones through 2030.
Key Events · M&A and Partnerships · LNTH
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Definitive Merger Agreement Signed
Curium US will acquire all outstanding Lantheus shares for $102.50 per share in cash at closing, plus non-transferable CVRs providing up to $12.00 per share in additional cash payments, for a total transaction value of up to $8.0 billion.
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CVRs Tied to Commercial Milestones
The CVRs pay up to $8.00 per share based on Global Prostate Cancer Diagnostics sales reaching $950M–$1,750M by 2030, up to $3.00 per share on Global Neurology Diagnostics sales of $300M–$350M in 2028–2030, and $1.00 per share on Global DEFINITY Business sales exceeding $400M by 2030.
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Premium to Unaffected Price
The $102.50 per share cash consideration represents a 38% premium to Lantheus' unaffected 60-day VWAP and a 21% premium to the closing price on May 21, 2026, the last trading day before initial sale rumors.
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Board Unanimously Approved After Strategic Review
After a comprehensive evaluation of strategic alternatives — including outreach to multiple third parties and the option to remain standalone — the Lantheus Board unanimously determined that the Curium transaction maximizes shareholder value.
Analysis · LNTH · Life Sciences
A definitive agreement has been signed for Curium US to acquire Lantheus at $102.50 per share in cash upon closing, plus non-transferable CVRs worth up to $12.00 per share tied to commercial milestones through 2030. The total deal value reaches $8.0 billion, representing a 38% premium to the unaffected 60-day VWAP. Following a comprehensive strategic review, the board unanimously approved the transaction, concluding it maximizes shareholder value. The deal is expected to close in the first half of 2027, pending shareholder and regulatory approvals. In connection with the merger, Lantheus is pausing its CEO search and suspending forward guidance. This fundamentally alters the investment thesis — upon closing, Lantheus will cease to be a publicly traded company, and shareholders receive near-term certain cash value plus potential upside from the CVRs.
At the time of this filing, LNTH was trading at $102.50 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $6.5B. The 52-week trading range was $47.25 to $111.86. This filing was assessed with positive market sentiment and an importance score of 10 out of 10.