Lantheus Holdings, a global leader in the development, manufacture and commercialisation of innovative diagnostic and therapeutic agents and products, has entered into a stock purchase agreement to sell its Puerto Rico radiopharmacy and positron emission tomography (PET) manufacturing facility (PMF) to PharmaLogic Holdings.
The transaction includes Lantheus’ radiopharmacy business – which prepares individual, patient-ready doses of radiopharmaceuticals – and its PMF businesses – which manufacture the drug product for individual, patient-ready doses of fluorodeoxygluocose (FDG).
The agreement will also see Lantheus and PharmaLogic enter into a long-term supply agreement under which Lantheus will continue to supply PharmaLogic with its products and PharmaLogic will commit to purchase certain products.
Lantheus CEO Mary Anne Heino said the company was looking forward to working closely with PharmaLogic to close the transaction and execute ‘a smooth transition for customers, patients, suppliers and employees’.
“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,” Ms Heino added.
Steve Chilinski, Chief Executive Officer of PharmaLogic, said the transaction would further expand PharmaLogic’s geographical presence in North America.
“We are proud to be a customer-centric company committed to providing leading innovations and solutions to North American practitioners, and we are thrilled to partner with Lantheus to continue to provide their robust nuclear medicine portfolio to customers and patients in Puerto Rico,” he concluded.
The s A$24 million transaction is subject to customary closing conditions and is expected to close in early 2021.