By Connor Hart
Lantheus Holdings will sell its single photon emission computed tomography, or Spect, business to Illuminated Holdings.
The Bedford, Mass., company said Tuesday it will receive an upfront cash payment for the business, though it didn't disclose the amount. It will additionally receive a convertible note for preferred stock of Shine Technologies, a subsidiary of Illuminated, and additional considerations including potential earnout milestones.
The transaction has been approved by both companies' boards and is expected to close by the end of the year, subject to customary conditions.
Under the deal's terms, Shine will acquire Lantheus' Spect business and related products, as well as the portion of Lantheus' campus in Massachusetts that manufactures the products and the business's related operations in Canada.
Spect is a type of nuclear-imaging test that uses radioactive substances to create three-dimensional images of organs and tissues, showing both their function and structure.
Lantheus said the sale will allow it to focus on growing its commercial portfolio of PET radiodiagnostics and microbubbles, while advancing its pipeline of radiopharmaceuticals.
"This acquisition builds on our longstanding partnership with Lantheus," Shine Chief Executive Greg Piefer said, adding he is confident the Spect business and team will strengthen its platform.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
May 06, 2025 17:45 ET (21:45 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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