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

Diana’s opening noteThis week made the clearest case yet that radiopharma’s next competitive line isn’t the agent, it’s who controls the isotope supply behind it. I’ve written before about deal-making outpacing pipeline news but watching two merging companies each hold a competing approved therapy at the same time is a new level of strange. Here’s what I’m watching, and what I think programs should actually do about it.

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.

Practice insightConfirm your radioligand supply contracts survive the current wave of M&A.With Telix acquiring ITM, Curium’s FTC clock restarting on Lantheus, and both merging companies now holding competing Lu-177 dotatate approvals, programs sourcing PSMA or SSTR radioligands should confirm in writing which entity honors existing supply and pricing terms if a deal closes mid-contract, and set a calendar trigger for each deal’s expected close date.

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.

Diana’s takeThe story under the stories this week is consolidation outrunning competition: Telix buying isotope supply outright, Curium and Lantheus racing the FTC clock while each holds a competing GEP-NET radioligand, and GE HealthCare still circling Sofie Biosciences. Programs should treat vendor concentration, not agent choice, as the sourcing risk to manage into 2027.

About the author
Diana J. Errico is Director, Strategic Service Lines at Molecular Imaging Services. She focuses on helping healthcare organizations evaluate, implement, and grow advanced molecular imaging, PET/CT, PSMA PET, and theranostics programs through strategic planning, clinical workflow development, and operational support.

If we missed your news or data requires correction, the author can be reached at info@mismedical.com.

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