Lantheus and Progenics complete merger.
Lantheus and Progenics complete merger
June 25, 2020
by John R. Fischer
, Senior Reporter
Lantheus Holdings, the parent company of Lantheus Medical Imaging, has completed its merger with Progenics Pharmaceuticals.
The agreement brings together Lantheus’s expertise in complex manufacturing, supply chains, and commercialization, and Progenics’ three FDA-approved products and clinical pipeline and development capabilities.
“This combination forms an innovative company with a diversified diagnostics and therapeutics portfolio,” said Mary Anne Heino, Lantheus president and chief executive officer.
Among Progenics’ commercial products are Azedra for the treatment of unresectable, locally-advanced or metastatic pheochromocytoma or paraganglioma, which are rare neuroendocrine tumors of neural crest origin that require systemic anticancer therapy; and oral and subcutaneous formulations of RELISTOR (methylnaltrexone bromide) for the treatment of opioid-induced constipation. The company specializes in manufacturing therapeutic agents designed to treat cancer (AZEDRA, 1095, and PSMA TTC); and prostate-specific membrane antigen (“PSMA”)-targeted imaging agents for prostate cancer (PyL and 1404).
Under Lantheus Holdings, Lantheus Medical Imaging also develops and commercializes diagnostic imaging agents and products, including the echocardiography contrast agent DEFINITY Vial for (Perflutren Lipid Microsphere) Injectable Suspension and TechneLite (Technetium Tc99m Generator), a technetium-based generator that provides the essential medical isotope used in nuclear medicine procedures.
First announced on October 2, the merger entitles Progenics stockholders, for each share of common stock they hold in Progenics, 0.31 of a share of Lantheus common stock and one non-tradeable contingent value right, upon completion of the deal. This value right is payable in two contingent payments, subject to a cap, upon the achievement of certain milestones reached in the financial performance of PyL (18F-DCFPyL), a prostate-specific membrane antigen targeted imaging agent designed to visualize prostate cancer.
Lantheus will continue to trade on Nasdaq under the ticker symbol LNTH, while Progenics will be delisted.
Lantheus did not respond for comment.