Perspective Therapeutics enters strategic agreements with Lantheus

Perspective Therapeutics (CATX) entered into strategic agreements with Lantheus Holdings and its affiliates (LNTH). For an upfront payment of $28 million in cash, Lantheus will obtain an exclusive option to negotiate for an exclusive license to Perspective’s (212Pb)VMT-alpha-NET, a clinical stage alpha therapy developed for the treatment of neuroendocrine tumors, and a right to co-fund the IND-enabling studies for early-stage therapeutic candidates targeting prostate-specific membrane antigen and gastrin releasing peptide receptor and, prior to IND filing, a right to negotiate for an exclusive license to such candidates. Lantheus has also agreed to purchase an equity stake of up to 19.9% shares of Perspective’s outstanding shares of common stock for up to approximately $33 million, subject to completion of a qualified third-party financing transaction and certain other closing conditions. Additionally, Perspective has agreed to acquire the assets and associated lease of Lantheus’ radiopharmaceutical manufacturing facility in Somerset, New Jersey for an undisclosed price. Under the terms of the option agreement, Lantheus also has a right of first offer and last look protections for any third party merger and acquisition transactions involving Perspective for a twelve-month period. The closing of Perspective’s acquisition of the Somerset facility and related assets is subject to customary closing conditions, including regulatory approval. The closing of Lantheus’ investment in Perspective is subject to the closing of Perspective’s next qualifying third party equity financing totaling at least $50 million and other customary closing conditions and will be consummated substantially concurrently with the closing of Perspective’s next third party equity financing. The purchase price per share is also subject to adjustment based on such third party qualifying equity financing.