GE HealthCare Technologies announced an all-cash acquisition of a radioactive imaging manufacturer on Monday as it works to expand into the rapidly growing radiopharmaceutical market.

GE HealthCare agreed to purchase Sofie Biosciences from private-equity firm Trilantic North America for $945 million. The transaction is slated to close in the first half of 2027, at which point Sofie will become part of GE HealthCare's Pharmaceutical Diagnostics segment.

Sofie manufactures so-called tracer agents that are injected during PET scans to illuminate tumors and underlying cellular activity. These radiopharmaceuticals, including lead pipeline candidate FAPI-74, support the diagnosis and treatment of cancer, heart disease, and Alzheimer's.

As tracer agents decay rapidly, delivering them to hospitals on time poses a major challenge. GE HealthCare noted that the acquisition provides a localized production and distribution network to serve U.S. providers directly, while enabling the company to expand its diagnostic portfolio into lucrative therapeutic areas.

The medical technology giant isn't alone in its push-pharmaceutical companies are also signaling interest. Last month, Novartis struck an exclusive global licensing deal with China's BoomRay Pharmaceuticals to expand its industry-leading radioligand portfolio.

Smaller players are grabbing market share as well. Radiopharma company Curium struck a deal in August to acquire rival Lantheus Holdings in a take-private transaction worth up to $8 billion.

GE HealthCare rose 0.7% in premarket trading.