LNTH shares will likely trade near the $102.50 cash consideration with some discount for time-to-close and execution risk. The CVRs provide optional upside tied to PYLARIFY, DEFINITY, and neurology diagnostic sales milestones but are speculative. Monitor the shareholder vote and regulatory process (HSR, CFIUS) for deal risk. The Q2 2026 earnings release on August 6 will be the last quarterly update before closing.
Price Chart
Executive Summary
Lantheus (LNTH) has entered into a definitive merger agreement with Curium US Holdings LLC, a private equity-backed radiopharmaceutical company. Curium will acquire all outstanding LNTH shares for $102.50 per share in cash at closing, plus up to $12.00 per share in non-transferable Contingent Value Rights (CVRs) tied to commercial milestones, for total consideration up to $114.50 per share and aggregate transaction value up to ~$8.0 billion. The cash consideration represents a 38% premium to LNTH's unaffected 60-day VWAP. The transaction has been unanimously approved by Lantheus's Board and is expected to close in the first half of 2027, subject to shareholder and regulatory approvals. Lantheus will suspend its previously issued FY2026 guidance and pause its CEO search.
Key Facts
- Curium US will acquire all outstanding LNTH shares for $102.50 per share in cash at closing
- Up to $12.00 per share in non-transferable CVRs tied to commercial milestones through 2030
- Total per-share consideration up to $114.50, aggregate transaction value up to ~$8.0 billion
- 38% premium to LNTH unaffected 60-day VWAP, 29% premium to 30-day VWAP, 21% premium to unaffected closing price as of May 21, 2026
- CVR milestones: Global Prostate Cancer Diagnostics (up to $8.00/share, FY2030), Global Neurology Diagnostics (up to $3.00/share, FY2028-2030), Global DEFINITY Business ($1.00/share, FY2030)
- Transaction expected to close in first half of 2027, subject to LNTH shareholder vote and regulatory approvals
- LNTH will suspend FY2026 guidance and pause CEO search due to pending transaction
- Lantheus Board unanimously approved the transaction after a comprehensive strategic review
- Morgan Stanley & Co. acted as lead financial advisor to Lantheus
- Combined company will serve oncology, neurology, and cardiology patients across more than 70 countries
Financial Impact
Up to $8.0 billion aggregate transaction value; $102.50 per share certain cash at closing plus up to $12.00 per share CVR potential; 38% premium to unaffected 60-day VWAP
Risk Factors
- Shareholder vote required — shareholder approval not guaranteed
- Regulatory approvals (antitrust, CFIUS) may delay or block the transaction
- Closing expected 1H 2027 — time-to-close risk and potential for competing bids
- CVR milestones are contingent and there is no assurance of any payment
- Financing of the transaction through debt and equity introduces execution risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (LNTH) — Batch item 1 | 0001193125-26-329624 |
| Document: 0001193125-26-329624-index-headers.html | 0001193125-26-329622 |
| Document: 0001193125-26-329624-index.html | 0001193125-26-329624 |
| Document: 0001193125-26-329624.txt | 0001193125-26-329624 |
| 8-K Filing (LNTH) — Batch item 5 | 0001193125-26-329622 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $100.10 $99.80 | ▼ −0.30% | ▲ +0.22% | $100.13 (+0.03%) |
Oct 2, 2026 24d ago | DEFA14A | $100.19 $99.95 | ▼ −0.24% | ▼ −0.79% | $100.13 (−0.06%) |
Oct 2, 2026 24d ago | 8-K | $100.19 $99.95 | ▼ −0.24% | ▼ −0.79% | $100.13 (−0.06%) |
Sep 16, 2026 5w ago | DEFA14A | $100.80 $100.55 | ▼ −0.25% | ▼ −0.38% | $100.13 (−0.66%) |
Aug 26, 2026 8w ago | PREM14A | $100.82 $100.47 | ▼ −0.35% | ▼ −1.00% | $100.13 (−0.68%) |
Aug 14, 2026 10w ago | Press Release | $100.95 $100.91 | ▼ −0.04% | ▲ +0.43% | $100.13 (−0.81%) |
Aug 6, 2026 11w ago | 8-K | $101.07 $100.95 | ▼ −0.12% | ▼ −0.73% | $100.13 (−0.93%) |
Aug 3, 2026 12w ago | 8-K / DEFA14A | $101.11 $101.50 | ▲ +0.39% | ▲ +0.59% | $100.13 (−0.97%) |
Aug 3, 2026 12w ago | DEFA14A / 8-K | $101.19 $101.11 | ▼ −0.08% | ▼ −1.88% | $100.13 (−1.05%) |
Aug 3, 2026 12w ago | Press Release | $101.19 $101.11 | ▼ −0.08% | ▼ −1.88% | $100.13 (−1.05%) |
US Market Status
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