Janesville-based
SHINE Technologies, a nuclear fusion company with a platform of medical isotope products, has entered into a definitive agreement to acquire
SPECT, a radiopharmaceutical business.
SPECT is currently owned by North Billerica, Massachusetts-based
Lantheus. The deal will include both the SPECT business and a portion of Lantheus’ campus in North Billerica. Terms of the deal were not disclosed.
The acquisition will combine SHINE’s fusion-based isotope manufacturing technology with Lantheus' established market channels while also furthering SHINE’s goal of becoming the leader in the nuclear medicine market.
"Today's announcement marks a major milestone on our journey to improve lives through fusion technology," said
Greg Piefer, founder and CEO of SHINE. "Our companies have a long history of partnership, and we have admired Lantheus' commitment to ensuring patient access to essential medical radioisotopes. By integrating Lantheus' SPECT business and talented team with our company, we will expand our product portfolio, accelerate our path to market for our planned suite of isotopes and increase our market share – ultimately ensuring greater access to these life-saving products for patients."
For nearly 70 years, Lantheus has provided the nuclear medicine market with diagnostic radiopharmaceutical products. The company is a market leader in U.S. production of technetium-99 (Tc-99), a medical isotope used in nuclear medicine imaging procedures. Lantheus' SPECT product portfolio includes imaging agents for the heart, lung, thyroid, bladder and more.
Chrysalis, SHINE's large-scale irradiation facility, is set to become the largest isotope production facility in the world. Once operational, Chrysalis will complement the existing supply chain ensuring a sustainable and reliable source of isotopes, including Mo-99, the world's most widely-used isotope, and Lu-177, the most widely-used cancer fighting isotope.
Last year, SHINE opened one of the largest facilities in the western hemisphere dedicated to producing lutetium-177. The facility has a production capacity of up to 100,000 doses of Lu-177 per year, with the ability to further expand to 200,000 doses per year.
"We are confident that SHINE's expertise in isotope production as well as their commitment to growth and patient access position them well to continue our legacy with the SPECT business as we focus on advancing and expanding our pipeline of innovative diagnostics and therapeutics," said
Brian Markison, CEO of Lantheus. "SHINE's interest in our SPECT business underscores the dedication and knowledge of our employees who have been instrumental to its decades-long success at Lantheus, and we thank our talented team for their contributions."
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