Lantheus Holdings (NASDAQ:LNTH) and POINT Biopharma Global (NASDAQ:PNT) announced a set of strategic collaboration agreements in which Lantheus would license exclusive worldwide rights to POINT’s PNT2002 and PNT2003 radiopharmaceutical product candidates.
In exchange for Lantheus receiving exclusive worldwide rights, excluding certain territories for PNT2002, POINT would receive a $250-million upfront payment, an additional payment up to $250-million on U.S. regulatory approval, and potential royalties of 20% on net sales, as well as the potential for up to an additional $1.3-billion in various net sales milestone payments.
For PNT2003, POINT would receive a $10-million upfront payment, up to an additional $30-million on U.S. regulatory approval, royalties of 15% on net sales, as well as the potential for up to an additional $275-million in various net sales milestone payments.
Lantheus will fund the all-cash license of exclusive worldwide rights, excluding certain territories, for PNT2002 and PNT2003 with cash on its balance sheet and committed financing.
The agreements expand Lantheus’ radiopharmaceutical portfolio with two late-stage therapeutic candidates and, with PNT2002, broadens Lantheus’ prostate cancer franchise. PNT2003 is a somatostatin receptor targeted radioligand therapy in development for gastroenteropancreatic neuroendocrine tumors.
Under the agreements, POINT would fund and complete its Phase 3 SPLASH trial for PNT2002, with Lantheus filing a NDA in collaboration with POINT. For PNT2003, POINT would facilitate completion of the ongoing University Health Network-sponsored ongoing OZM-067 study in Canada, while Lantheus would prepare and submit regulatory filings in the U.S.
“These exclusive license agreements and collaborations leverage the complementary strengths of both companies in radiopharmaceutical oncology and enhance the potential impact that these compelling therapeutic candidates could provide to patients,” said Mary Anne Heino, president and CEO of Lantheus.