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Monday, August 3, 2026

Curium strikes $8bn deal to buy radiopharma rival Lantheus

 Two independent players in the radiopharma sector, Curium and Lantheus, have agreed to merge to create a combined company with annual revenues estimated at around $2.1 billion.

Under the terms of the deal, ‌Lantheus' shareholders will get $102.50 per share in cash when the deal closes, along with the right to receive up to $12 more per share – assuming certain sales targets are met by 2030 – giving the transaction a top value of around $8 billion.

The deal comes as radiopharma – long dominated by diagnostics but increasingly moving into therapeutics – is becoming one of the most dynamic areas of oncology R&D and has started to expand into other therapeutic categories, including neurology, cardiology, and inflammatory diseases.

According to the two companies, the merger will bring together Curium's focus on 'theranostics' – which combine a radiotherapeutic with a radiodiagnostic modality – with Lantheus complementary radiodiagnostics business and create a company with a presence in more than 70 countries worldwide.

The combined entity will span the full nuclear medicine value chain, from isotope production and manufacturing to diagnostic imaging and targeted radionuclide therapy.

Lantheus' main products are Pylarify (piflufolastat), used to detect prostate cancer, and Definity (perflutren) for heart imaging, which accounted for most of its $1.54 billion in revenues last year. It also sells Neuraceq (florbetaben F 18), used to estimate beta-amyloid levels in adults with memory loss or cognitive decline suspected of having Alzheimer's disease.

The target-based payments promised to its shareholders will come into play if global sales of prostate cancer diagnostics, Definity, and various neurology diagnostics pass agreed thresholds.

Privately-held Curium, meanwhile, sells a range of radiopharma products including prostate cancer diagnostic Pylclari (piflufolastat F 18), generic SPECT brain imaging agent ioflupane I 123, and DetectNet (copper Cu 64 dotatate) for detecting neuroendocrine tumours (NETs).

"Lantheus is the ideal partner to accelerate what we have been building," said Renaud Dehareng, Curium's chief executive, pointing to "complementary" prostate cancer detection products, a strong commercial presence in the US, and the promise of entering the neurology and echocardiography sectors.

"Together, we will provide meaningful theranostic options to patients from SPECT and PET diagnostics to targeted radioligand therapy across the globe," he added.

The merger is expected to close in the first half of 2027.

The growth of the radiopharma sector – estimated by KPMG to be worth $6 billion in 2023 and predicted to rise to $14 billion by 2033 – has driven a series of acquisitions in the last few years, mainly by pharma companies trying to build positions in what is fast becoming a foundational modality.

Some of the larger deals signed include Bristol Myers Squibb's $4.1 billion acquisition of RayzeBio, AstraZeneca's $2.4 billion takeover of Fusion Pharma, and Novartis' $1.75 billion play for Mariana Oncology.

https://pharmaphorum.com/news/curium-strikes-8bn-deal-buy-radiopharma-rival-lantheus

Supernus and Indivior merge to create CNS mega-company with 11 approved drugs

 

Supernus Pharmaceuticals and Indivior Pharmaceuticals are outlining a combined expected $2.2 billion in annual revenue, plus $125 million in cost savings that will include “natural redundancies.”

Supernus Pharmaceuticals and Indivior Pharmaceuticals are joining forces, merging into one central nervous system–focused company with a whopping 11 marketed products in the space.

The all-stock merger of equals will combine the two companies’ revenue for an expected yearly revenue of $2.2 billion, according to a Monday release. Of that money, the East Coast biopharmas expect to collect around $888 million in operating earnings.

Nine of the commercial products come from Supernus, with non-stimulant ADHD medication Qelbree the company’s biggest money earner of the second quarter, bringing in $89 million—a nearly 15% jump from $78 million in Q1. The company also sells the daily pill Gocovri for Parkinson’s disease and postpartum depression treatment Zurzuvae, the latter of which was secured last year in its $795 million buyout of Sage Therapeutics.

As for Indivior, the company touts the once-monthly injection Sublocade, used to treat opioid use disorder. The drug netted $253 million in second-quarter revenue.

The new company will operate as Supernus and continue on the Nasdaq under ticker “SUPN.” Current Supernus CEO Jack Khattar will take the wheel of the combined entity, with Indivior board member Tony Kingsley set to serve as board chair.

By combining, the companies believe they can save a total of $125 million in expected annual costs, though specific operating efficiency efforts were not detailed. Together, the pair are expected to have a net debt of $878 million.

No workforce details were shared in the release or related SEC filings, though Khattar said on a Monday investor call that “natural redundancies” tied to the $125 million savings could be expected, specifically among general and administrative roles.

Ultimately, the new Supernus hopes the merger will boost financial flexibility and allow for both internal and external growth opportunities, including additional acquisitions. Beyond CNS, the company would look for business development opportunities in women’s health—an already-established vertical for Supernus, Khattar said on the call.

“With our combined commercial expertise and enhanced capabilities, we are well positioned to drive significant, durable growth across our diversified portfolio of medicines,” the CEO said in a prepared statement.

Under the terms of the deal, Supernus stockholders will receive 1.5 common shares of Indivior for each share of Supernus. Meanwhile, Indivior shareholders will receive a one-time cash dividend of $1 billion total immediately after the merger closes. To pay the $1 billion dividend, the companies secured a $650 million Citibank loan. When all is said and done, former Indivior stockholders will own 56.5% of the combined company, while Supernus shareholders will own 43.5%.

The deal has been approved by both companies’ boards and is slated to close in the fourth quarter of this year.

Elsewhere in the biopharma world, radiopharmaceutical-focused Curium and Lantheus announced an M&A deal, with Curium paying up to $8 billion to acquire Lantheus for up to $114.5 per share. The transaction is designed to combine Curium’s theranostics portfolio and global manufacturing platform with Lantheus’ U.S. radiodiagnostics business.

Meanwhile, rumors are swirling about potential merger talks between pharma giants Bristol Myers Squibb and AstraZeneca. Analysts are skeptical of the possible mega-merger, but if it were to occur, the deal would be the largest in the industry’s history.

https://www.biospace.com/deals/supernus-and-indivior-merge-to-create-cns-mega-company-with-11-approved-drugs

Why the US Manufacturing Surveys Are Diverging So Dramatically

 Update (1015ET): As we noted below, there was a significant divergence between the two manufacturing surveys for July... which is not that unusual, and also an odd divergence between falling inflation expectations and universally rising commodity prices.

Based on the responses to the ISM survey, we may have found the answer... and it's a familiar one in this bifurcated economy...

  • Green ones from AI, semiconductor, electronics and machinery firms report strong demand from AI data centers, chips and defense.

  • Red ones from metals, transportation, chemicals and consumer-related sectors report weak demand, tariffs, higher costs, geopolitical risks and pricing chaos.

Simply put, the AI supply chain is booming; the rest is not.

*  *  *

Despite the recent slide in 'hard' data, US Manufacturing remained positive in July,and depending on which survey you are watching, was either flat... or surging.

  • S&P Global US July Manufacturing PMI flat at 53.9 vs 53.8 flash and 53.9 for June - three month lows

  • ISM US July Manufacturing PMI jumped to 55.6 vs 53.9 exp and 53.8 for June - highest since May 2022

Under the hood, ISM's Survey showed better than expected improvements across the board...

  • Prices Paid 71.1, Exp. 71.0

  • Employment 52.8, Exp. 50.0

  • New Orders 56.7, Exp. 56.7

Inflation lower, orders and jobs higher...

But, S&P Global's PMI survey suggested evidence of supply chain disruption was also prominent in the latest survey data, with manufacturers signaling one of the sharpest deteriorations in vendor performance over the past four years. This contributed to slower growth in both inventories and purchases of pre-production goods, which eased to three- and four-month lows respectively

However, “although the headline PMI held steady in July," Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, warns that "beneath the survey we see some warning signs about the future growth trajectory."

Production rose at a markedly slower rate in July, linked to a third month of weakened growth of new business, in turn reflecting reduced inventory building after the especially strong precautionary stock accumulation reported in the second quarter. Williamson cited  "further pressure came from increased supply chain delays, falling exports, and further pushback on high prices from customers."

While input cost inflation moderated slightly, inflationary pressures remained elevated thanks principally to the combination of high energy prices and tariffs.

As a side note, ISM respondents saw inflation lower but almost every commodity higher in price?

In response, producers are either trying to raise selling prices to protect margins or boost productivity, hence July also saw another month of high factory gate price inflation and subdued job gains.

Williamson concludes rather ominously: “In this environment, business optimism about growth prospects slipped to the lowest since last October, underscoring the downside risks to the near-term outlook."

So - once again - choose your own adventure... is US Manufacturing stalling out (S&P Global) or surging at its fastest in four years (ISM)?

https://www.zerohedge.com/markets/us-ism-manufacturing-survey-surges-strongest-4-years-sp-global-sees-warning-signs

I'srael media: Board of Peace may have told Israel Gaza attacks must stop/

 Officials from the Gaza Board of Peace met on Monday with Israeli Prime Minister Benjamin Netanyahu, Israel's Channel 12 reported. The board's High Representative Nickolay Mladenov and Senior Advisor Aryeh Lightstone allegedly told Netanyahu that his government must stop attacks on Gaza, as it pledged to do when it signed the 20-point peace plan in October 2025.

A person familiar with the matter told the outlet that the meeting was "difficult." Meanwhile, another Israeli source reiterated that Israel "will not withdraw from the current line in the Gaza Strip and will continue to thwart any threat to our citizens and soldiers," contrary to the peace plan. The reported meeting comes after the board announced a deal between Israel and Hamas to stop hostilities.

https://breakingthenews.net/Article/Board-of-Peace-may-have-told-Israel-Gaza-attacks-must-stop/66838207

Pentagon to triple Patriot production

 United States Department of War announced on Monday that it signed framework agreements with Northrop Grumman and Lockheed Martin to ramp up the production of key missile-interceptor components, aiming to triple Patriot Advanced Capability-3 (PAC-3) and quadruple Terminal High Altitude Area Defense (THAAD) manufacturing.

"This effort to stabilize supply chains for our most important interceptors advances President [Donald] Trump's and Secretary [Pete] Hegseth's joint vision to build the Arsenal of Freedom, accelerate delivery of critical capabilities, and reinforce the Nation's integrated air and missile defense," the statement detailed. No figure has been disclosed.

'The move comes amid repeated rumors that Washington needs to up its defenses following Iranian strikes in the Middle East, as well as Trump's recent remarks that he would keep the production of Patriots within the US, as it would be dangerous to allow other countries to make the defense system.'

https://breakingthenews.net/Article/Pentagon-to-triple-Patriot-production/66837734

https://www.zerohedge.com/energy/exelon-high-probability-data-center-load-falls-40

Sunday, August 2, 2026

5 companies advancing ATTR assets in the wake of Wainua’s fail

 

The Phase 3 failure of AstraZeneca and Ionis Pharmaceuticals’ antisense therapy in transthyretin amyloid cardiomyopathy last month left the space reeling—and readjusting. BioSpace looks at five contenders and where they currently stand.

A pillar of the transthyretin amyloidosis space was shaken last month when AstraZeneca and Ionis Pharmaceuticals’ antisense drug Wainua failed to show significant cardiovascular benefit in a late-stage trial of patients with transthyretin amyloid cardiomyopathy, otherwise known as ATTR-CM.

The Phase 3 flop sent waves across the ATTR space, appearing as an overhang for other developers of similar therapies, while simultaneously boosting those taking alternative approaches to this rare and progressive condition.

Part of the reason the failure was so surprising is that Wainua is already approved to treat transthyretin amyloid polyneuropathy (ATTR-PN).

Affecting around six in a million people in the U.S., ATTR occurs when a protein called transthyretin becomes unstable and misfolds, ultimately depositing as amyloid plaques in various organs across the body.

In ATTR, there are two big “clinical buckets,” ATTR-CM and ATTR-PN, according to Faisal Khurshid, managing director of biotechnology equity research at Jefferies. However, “The same biology manifests very differently depending on where the amyloid is causing the most damage,” he told BioSpace in an email.

ATTR-CM refers to cardiovascular symptoms that arise as amyloid builds up in the heart, causing symptoms of heart failure, while in ATTR-PN, amyloid clumps in peripheral nerves lead to the numbing of the extremities, diarrhea and other symptoms.

Of the two, ATTR-CM is the “much larger” market opportunity, Khurshid said. Indeed, a December 2025 study published in Open Heart showed that 12.7 out of one million people have ATTR-CM, while only 3.5 per million have ATTR-PN.

There can be advantages to targeting ATTR-PN first, however, because this approach can validate biology, Khurshid said, “and in some cases provide a first commercial foothold before [ATTR-CM].”

That was the hope for Wainua, which was first approved in December 2023 for hereditary ATTR-PN. The Phase 3 CARDIO-TTRansform trial was intended to establish the drug in ATTR-CM. With its failure, AstraZeneca and Ionis are unlikely to file for approval in this indication, analysts said.

“ATTR is mechanistically one disease but clinically not one disease,” Khurshid said, explaining why some therapies succeed in one ATTR subtype but not the other. “A drug can be mechanistically rational across ATTR but still show very different clinical results depending on the organ involved, baseline disease stage, endpoint sensitivity, and background therapy.”

The Phase 3 Wainua failure in ATTR-CM leaves in its wake “a highly evolving landscape” of ATTR treatment, Khurshid said—one with many players, but which must also now contend with “big questions” on what will constitute a successful trial in the indication.

BioSpace takes stock of the field here.

AstraZeneca persists with first-in-class candidate

AstraZeneca continues to forge ahead in the ATTR-CM arena with the transthyretin depleter cliramitug.

Originally developed by Neurimmune, cliramitug is an investigational antibody that targets the disease-causing amyloid clumps found in the heart, triggering their removal from the body, according to the biotech’s website. Cliramitug has the potential to be the first agent that not only slows disease progression but also depletes amyloid buildup from the heart, per Neurimmune.

Attracted by this promise, AstraZeneca—through its rare disease outfit Alexion—paid $30 million upfront in 2022 to secure an exclusive global license to develop and commercialize cliramitug. The pharma also put up to $730 million on the line in potential milestone payments.

Long-term data from a first-in-human trial published last month in Nature Medicine showed that continued cliramitug treatment through a median follow-up of nearly 30 months led to sustained reductions in cardiac amyloid burden and biomarker improvements. Outcomes even improved over time in patients who had low initial exposure to cliramitug before doses were ramped up.

There were no serious adverse events or study dropouts related to cliramitug.

AstraZeneca is currently running the Phase 3 placebo-controlled DepleTTR-CM trial of cliramitug, with nearly 1,200 patients enrolled. The study’s primary completion date is around mid-2027, according to a federal clinical trials database.

Novo Nordisk, Prothena deplete problematic proteins with coramitug

Racing against AstraZeneca to bring the first transthyretin depleter to the market is Novo Nordisk, which last year pushed into late-stage development with its investigational therapy coramitug.

Initially developed by Prothena Corp., coramitug is an antibody therapy that specifically targets dysfunctional and misfolded proteins that would otherwise form pathologic clumps, according to the biotech’s website. Coramitug targets deposited amyloid to remove plaques and circulating amyloid to prevent further aggregation.

In July 2021, Novo paid $100 million upfront and earmarked up to $1.2 billion in milestones to take over Prothena’s ATTR business—including coramitug.

Phase 2 data published in November 2025 demonstrated a significant reduction in NT-proBNP levels—a biomarker of heart health—in patients with ATTR-CM taking coramitug versus placebo comparators at 52 weeks. The drug showed no significant benefit on the 6-minute walk test, a measure of exercise capacity and endurance.

Novo has nevertheless decided to advance coramitug into Phase 3 studies. The pharma is running the late-stage CLEOPATTRA trial in ATTR-CM, with a primary completion date in mid-2029. The study is currently recruiting patients.

In April, the FDA granted coramitug its Fast Track designation for ATTR-CM, which will expedite the drug’s review once an application has been accepted.

Alnylam’s nucresiran weathers headwinds for silencers

Caught in the downdraft of Wainua’s late-stage stumble is Alnylam’s next-generation ATTR-CM drug nucresiran, an RNA interference therapy that works by suppressing expression of the transthyretin protein, ultimately preventing the pathologic buildup of misfolded versions.

The Wainua failure “raises questions” about nucresiran, another transthyretin silencer, Truist Securities wrote in a July 9 note. In particular, analysts noted that the disappointing outcome raises uncertainties about whether nucresiran could elicit sufficient therapeutic benefit in patients with ATTR-CM amid the current dominance background stabilizer therapy.

In November 2024, Alnylam announced that a 300-mg dose of nucresiran elicited an average reduction of 90.3% in serum transthyretin levels at day 15 in a Phase 1 trial. This effect improved to 96.5% at day 29 before mellowing to 92.6% at day 180. Figures were comparable, if a bit higher, for the 600-mg and 900-mg doses.

Nucresiran is being studied in the Phase 3 TRITON-PN trial for ATTR-PN, with initial data expected in 2027. Alnylam is also running the Phase 3 TRITON-CM study of the asset in ATTR-CM, with primary completion in 2030.

The company said in January that it hopes to launch nucresiran in ATTR-PN by 2028 and in ATTR-CM by 2030.

Aside from nucresiran, Alnylam owns Amvuttra, first approved in June 2022 for hereditary ATTR-PN and then in March 2025 for ATTR-CM. The drug made $890 million in the first quarter of this year.

Intellia takes a gene therapy approach with nex-z

Intellia Therapeutics is taking a similar approach to Wainua and nucresiran, only with a gene therapy. With nexiguran ziclumeran (nex-z), the Massachusetts biotech seeks to lower the overall expression levels of the transthyretin protein.

The asset is being studied in the Phase 3 MAGNITUDE and MAGNITUDE-2 studies for ATTR-CM and ATTR-PN, respectively. Initial data from these two trials could come as soon as the latter half of 2027. Phase 1 data revealed in November 2025 showed that a one-time infusion of nex-z elicited and maintained long-term serum transthyretin reductions. In nine patients followed for 36 months, transthyretin levels were 87% lower on average versus baseline.

Safety, however, seems to be a key concern for nex-z. In 2022, Intellia detected a case of significantly elevated liver enzymes in a Phase 1 study of the therapy, though the patient remained asymptomatic and the episode was “deemed nonserious by the investigator,” the company said at the time. Such a signal appeared again in May last year, with the biotech reporting another case of asymptomatic liver enzyme elevation.

A few months later, in October 2025, the FDA paused both MAGNITUDE and MAGNITUDE-2 after another liver safety issue. This time, the patient needed to be hospitalized. The agency has since released its hold on these trials after Intellia agreed to certain protocol adjustments and stricter safety monitoring strategies.

BridgeBio’s Attruby riding high

For other contenders in the ATTR arena, the Phase 3 failure of Wainua may have removed a formidable competitor. This is the case for BridgeBio, which owns the oral drug acoramidis, sold under the brand name Attruby.

Unlike the transthyretin silencers Wainua and nucresiran, acoramidis is known as a transthyretin stabilizer. Instead of reducing the overall expression levels of the protein, acoramidis instead binds to transthyretin and slows its degeneration, which otherwise would result in the formation of disease-causing plaques.

Acoramidis was approved in 2024 for ATTR-CM.

BridgeBio continues to beef up Attruby’s profile. In May, the biotech presented data from a follow-on analysis of its Phase 3ATTRibute-CM trial. These new findings showed that the drug reduced cardiovascular hospitalization by 34% in ATTR-CM patients as compared with its biggest competitor, Pfizer’s Vyndaqel/Vyndamax, also a transthyretin stabilizer.

All-cause mortality, meanwhile, dropped by 28% in patients on Attruby versus Vyndaqel/Vyndamax, though this benefit was not statistically significant. This additional analysis only indirectly compared the two drugs, and there have been no head-to-head studies pitting the two products against each other.

BridgeBio is also studying Attruby for the prevention of ATTR-CM and ATTR-PN in asymptomatic people who carry pathogenic mutations. The Phase 3 ACT-EARLY trial is ongoing, with primary completion in 2031.

https://www.biospace.com/drug-development/5-companies-advancing-attr-assets-in-the-wake-of-wainuas-fail