On Target · Issue 10•Week Ending September 25, 2026
Consolidation Moves From the Agent to the Isotope Supply
PSMA PET & Theranostics IntelligenceIsotope Supply18 primary sources
Editor’s Spotlight
Lantheus won final FDA approval for BRAVNETSA (lutetium Lu 177 dotatate) on September 22, the first radioligand therapy cleared through FDA’s abbreviated new drug application pathway and determined bioequivalent to LUTATHERA for GEP-NETs. The approval lands as Curium works to close its acquisition of Lantheus, meaning the two merging companies now each hold an approved Lu-177 dotatate product for the same tumor type. It’s a preview of how fast this therapeutic class is consolidating, and a reminder that approval status can shift mid-deal.
Story of the Week
Telix agreed to acquire Germany’s ITM Isotope Technologies Munich for $1.65 billion upfront in stock and assumed debt, plus up to $700 million in milestones tied to ITM’s lead radioligand, ITM-11. Telix’s board and holders of more than 90% of ITM shares have already approved the deal. It still requires a Telix shareholder vote in November and is expected to close by year-end. The acquisition adds ITM’s isotope manufacturing and distribution network to Telix’s pipeline and follows an August FDA Complete Response Letter on ITM-11 over manufacturing and third-party facility issues — clinical data was not in question.
Clinical News
A Mayo Clinic propensity-score analysis in JNM found no difference in early renal function decline between 177Lu-PSMA-617 and taxane-based chemotherapy in mCRPC. Over longer follow-up renal function declined in both groups, and patients with pre-existing chronic kidney disease fared worse after 177Lu-PSMA-617. The authors conclude renal concerns alone should not exclude otherwise eligible patients.
A JNM study linked ATM gene alterations to differential outcomes after 177Lu-PSMA-617 treatment in mCRPC, adding to the case for molecular profiling alongside PSMA PET when selecting and sequencing radioligand therapy candidates.
A Phase 1 dose-escalation study of the rapid-clearance radioligand 177Lu-P17-087 in five mCRPC patients tolerated activities up to 7.4 GBq per cycle with lower effective organ doses than its albumin-binding derivative, including one complete response.
Business & Industry Intelligence
Telix’s acquisition of ITM Isotope Technologies Munich creates a vertically integrated radiopharmaceutical manufacturer and is expected to close by year-end 2026.
Curium withdrew and refiled its antitrust notification for the Lantheus acquisition on September 17 and 21, restarting a 30-day HSR review that now expires October 21. Lantheus shareholders vote on the $102.50-per-share deal, plus a contingent value right worth up to $12.00 per share, on October 14.
Perspective Therapeutics signed a clinical collaboration and supply agreement with Merck to evaluate its alpha-emitting 212Pb-PSV359 alongside Keytruda in FAP-alpha-positive solid tumors, adding a checkpoint-inhibitor combination arm to its lead-212 platform.
Clinical Trials to Watch
PSMAgRT (Phase 2 RCT) — five-year primary endpoint data on PSMA PET-guided radiation intensification presents at ASTRO on September 29.
177Lu-P17-087 (NCT05603559) — Phase 1 dose escalation continues after an early complete-response signal in mCRPC.
212Pb-PSV359 plus Keytruda (Perspective Therapeutics / Merck) — new FAP-alpha combination arm added under the September 14 supply agreement.
ITM-11 (177Lu-edotreotide) — resubmission expected after an August CRL over manufacturing issues, now folded into the pending Telix acquisition.
Industry Movers & News in Brief
GE HealthCare added Pascal Desroches, AT&T’s CFO, to its board effective January 2027, adding senior financial governance experience as the company pursues its reported ~$1 billion bid for PET radiopharmaceutical maker Sofie Biosciences.
Blue Earth Diagnostics will present head-to-head PSMA PET imaging data at ASTRO 2026, its latest push to differentiate its tracer portfolio.
A JNM letter published September 3 debated how PSMA PET/CT should be sequenced against multiparametric MRI before biopsy.
Clarity Pharmaceuticals set its annual general meeting for November 25, 2026.
Upcoming events: ASTRO 2026 Annual Meeting September 26–30, Boston, MA; EANM’26 Annual Congress October 17–21, Vienna, Austria; ESMO Congress 2026 October 23–27, Madrid, Spain; and the SNMMI Theranostics Conference November 4–7, Bethesda, MD.
This newsletter is for informational and educational purposes only and does not constitute medical, legal, investment, or reimbursement advice. Readers should consult their own professional advisors for specific guidance.

