Overview
Pfizer, Lilly, and Bristol Myers Squibb have spent tens of billions buying into radiopharmaceuticals. Here are 10 companies still building on their own, and what makes them worth acquiring.
Once considered a niche corner of oncology, radiopharmaceuticals have become one of the most hotly contested areas in drug development, with Pfizer, Eli Lilly and Bristol Myers Squibb collectively spending tens of billions of dollars to buy their way into the field. For the companies still going it alone, the question becomes: What are they building that makes radiopharma valuable enough for Big Pharma to pay billions to acquire?
Harsha Moole, MD, an internal medicine physician-scientist and founder and managing partner of venture capital firm PhysicianEstate, shared his perspective on what makes a radiopharmaceutical company valuable. As he sees it, the most valuable asset in radiopharmaceuticals is not the drug itself, but rather the infrastructure required to make and deliver it reliably. Unlike conventional drugs, radiopharmaceuticals rely on radioactive isotopes that decay over time, putting a clock on the drug from manufacturing to delivery. “These are all radioactive substances, and they have a half-life,” he stated, pointing to lutetium-177, the isotope inside Pluvicto and Lutathera. “It’s about 50% gone in six and a half days, so that’s as straightforward as that,” Moole explained.
The short half-life sets radiopharmaceuticals apart from conventional drugs, which can be stored and shipped without the same time pressure. “For a normal pill, which is not like a radioactive isotope, it can sit in the warehouse for two years, and it can be sent anywhere. There’s no immediate dependency,” Moole said. For radiopharmaceuticals, however, the clock starts ticking as soon as the drug is made, making speed from manufacturing to the patient critical. “So the platforms are the ones that have distribution and manufacturing and distribution login. Those are the ones that drive the real value,” Moole added. In other words, when Big Pharma acquires a radiopharma company, it’s buying not only the drug candidate, but the infrastructure required to manufacture and deliver it, too.
Control over isotope supply may ultimately determine which independent radiopharma companies can build durable businesses. Moole stressed that if a company genuinely wants to stay independent and stand on its own, it needs to own its isotope supply. It also needs to control its manufacturing and delivery network. “It’s really crucial to have, like, that manufacturing and delivery network. It’s very challenging, but you have to,” he stressed.
Moole looks for the same capabilities when evaluating potential investments. “We like to see real manufacturing and delivery, like the capability to deliver the drug.” He also wants to see more than one drug candidate, since a failure in a single program could put the entire company at risk. “If the company is just working on one drug, flipping a coin, that’s transferable in our eyes.”
The supply chain becomes an even bigger issue if radiopharmaceuticals move into earlier stages of cancer treatment. Moole said some data support that shift, which could dramatically expand the market. But earlier treatment would also mean treating many more patients. “Companies are starting to do that right now. There are examples in prostate cancer, neuroendocrine tumors, and on and on.”
That could put significant pressure on an already-constrained supply chain. Moole added, “The supply chain is already stretched pretty thin, so you need to make sure the manufacturing, distribution, and supply chain network is airtight.” For investors, the question is whether the infrastructure will be ready to support the market they are projecting: “This valuation is great, but how realistic is it that we would have manufacturing, distribution, and the supply chain all set up?”
Beyond the infrastructure challenge, the science itself is evolving. The field is also expanding beyond its most established targets, with companies pursuing new ways to deliver radioactive therapies to tumors. Moole points to FAP-targeting drugs as one area he is watching, even as competition intensifies around targets such as PSMA and somatostatin. “What we are noticing on our side is like the FAP-targeting drugs. Even though it’s super early, there’s not much focus on them,” he said. “Some companies are quietly working on new targets in these areas, so we are excited and want to keep a close eye on that area.”
Here are 10 biotech companies advancing radiopharmaceutical treatments across a range of targets, technologies, and cancer types.
Convergent Therapeutics
Sector: Alpha-emitting radioantibodies (actinium-225) for PSMA-positive prostate cancer and other solid tumors
HQ: Cambridge, MA
Year Founded: 2021 (its formal Series A launch was in May 2023)
Key Leaders: Philip Wayne Kantoff, MD, Co-Founder and Chief Executive Officer; Neil H. Bander, MD, Co-Founder and Senior Scientific Advisor; Alex Brown, MBA; Chief Operating Officer
Number of Employees: ~10
Stage / Funding Round: Private, Series A (with a $40M Series A extension)
Financial Snapshot: The company has raised about $132 million across all financing rounds.
Notable Investors: OrbiMed, RA Capital Management, Novo Holdings, The Invus Group, Cornell University
Key Products / Pipeline: CONV01-α (rosopatamab tetraxetan), an Ac-225-conjugated anti-PSMA monoclonal antibody in the Phase 2 CONVERGE-01 trial for metastatic castration-resistant prostate cancer (mCRPC), including patients who have already progressed on Lu-177-PSMA therapy.
Recent Highlights: At ASCO 2026, Convergent presented Phase 2 data for CONV01-α in patients with mCRPC whose disease had progressed after Lu-177-PSMA therapy, describing it as the largest U.S. prospective Phase 2 dataset for an alpha-emitting radiopharmaceutical in this setting. In the target dose range, median radiographic progression-free survival was 8.4 months, with no observed renal toxicity or high-grade xerostomia. The results underscore the emerging treatment gap after Pluvicto and support Convergent's strategy of developing CONV01-α as a potential next-line therapy for patients who progress on Lu-PSMA, building on PSMA-targeting research pioneered by co-founder Neil Bander.
Ratio Therapeutics
Sector: Precision-engineered radiopharmaceuticals (actinium-225 and other isotopes) with proprietary pharmacokinetic-tuning and chelator platforms
HQ: Boston, MA
Year Founded: 2021
Key Leaders: Jack Hoppin, PhD, Chairman and CEO; John Babich, PhD, Chief Scientific Officer; Colin Hayward, MBBS, Chief Medical Officer
Number Of Employees: 11-50
Stage: Private, Series C
Financial Snapshot: Closed a $70 million Series C in July 2026, bringing total funding to more than $240 million.
Notable Investors: Bristol Myers Squibb, Eli Lilly, Duquesne Family Office, Catalio Capital Management, Wasatch Group — with Novartis as a program partner.
Key Products/Pipeline: [Ac-225]RTX-2358, a FAP-targeted alpha therapeutic in the Phase 1/2 ATLAS trial for advanced sarcomas; additional mono- and bispecific radioligand candidates, enabled by Ratio's Trillium pharmacokinetic-tuning technology and Macropa chelator platform; an out-licensed SSTR2 radioligand program partnered with Novartis.
Recent Highlights: Ratio’s $70 million Series C in July 2026, which brought total capital raised above $240 million, drew participation from Bristol Myers Squibb and other existing and new investors, underscoring continued pharma interest in the independent radiopharma platform. The financing will support Ratio’s clinical pipeline, including preparation for its fifth IND, while the company continues to build out its Salt Lake City manufacturing facility and expand external manufacturing and Actinium-225 supply partnerships. Together, those investments are giving Ratio greater control over the radiopharmaceutical development and manufacturing process as it advances its pipeline toward later-stage trials.
Aktis Oncology
Sector: Miniprotein radioconjugates for solid tumors, including Ac-225 alpha-emitting therapies
HQ: Boston, MA
Year Founded: 2020
Key Leaders: Matthew Roden, PhD, Chief Executive Officer; Akos Czibere, MD, Chief Medical Officer; Paul Feldman, PhD, Chief Scientific Officer
Number of Employees: ~80
Stage / Funding Round: Publicly traded (Nasdaq: AKTS) as of January 2026
Financial Snapshot: Priced the first biotech IPO of 2026 at $18/share, raising roughly $318 million (upsized from an original $210M target); shares jumped over 20% on debut. The company’s market cap is approximately $1.5 billion as of September 2026.
Key Products / Pipeline: AKY-1189, targeting Nectin-4 in bladder and other solid tumors; AKY-2519; broader miniprotein radioconjugate platform designed for high tumor penetration with rapid clearance from healthy tissue.
Recent Highlights: Aktis offers a notable example of strategic pharma investment without an acquisition. In 2024, Eli Lilly partnered with Aktis in a multi-target radiopharmaceutical collaboration that included $60 million upfront, an equity investment, and up to $1.1 billion in potential milestone payments. Lilly then reinforced its commitment in 2026 by indicating interest in purchasing roughly $100 million of Aktis shares in its IPO, which ultimately raised $318 million initially. The arrangement has allowed Aktis to retain its existing pipeline, including its Nectin-4 program, while using Lilly’s capital and partnership to advance its broader miniprotein radiopharmaceutical platform.
Radionetics Oncology
Sector: Non-peptide small-molecule radiopharmaceuticals targeting G protein-coupled receptors (GPCRs)
HQ: San Diego, CA
Year Founded: 2021 (spun out of Crinetics Pharmaceuticals)
Key Leaders: Paul Grayson, Chief Executive Officer; Brett Ewald, PhD, Chief Operating Officer
Number of Employees: 49
Stage / Funding Round: Private, Series A plus a strategic option agreement with Eli Lilly
Financial Snapshot: Raised $52.5 million series A bringing the total raised to $82.5 million Series A and received a $140 million upfront payment from Lilly as part of the 2024 option deal; Crinetics still holds roughly a 25% equity stake.
Notable Investors: 5AM Ventures, Frazier Life Sciences, DCVC Bio, Eli Lilly, Crinetics Pharmaceuticals
Key Products / Pipeline: 68Ga-R8760, a first-in-class GPCR-targeted imaging agent completed Phase 1 for adrenocortical carcinoma; a broader pipeline of alpha- and beta-emitting GPCR-directed radioligand therapeutics for solid tumors.
Recent Highlights: Radionetics offers one of the clearest examples of a pharma company securing an acquisition option while allowing the biotech to continue operating independently. In 2024, Eli Lilly paid Radionetics $140 million upfront for exclusive rights to acquire the company for $1 billion at the conclusion of an exercise period. During that period, Radionetics is continuing to build its proprietary pipeline of GPCR-targeted radiopharmaceuticals under its independent board and management, giving Lilly a path to full ownership while allowing the company to advance its programs before a potential acquisition.
Perspective Therapeutics
Sector: Alpha-emitting radiopharmaceuticals built on lead-212 (²¹²Pb), spanning neuroendocrine tumors, melanoma, and solid tumors
HQ: Seattle, WA
Year Founded: 2021 (as Viewpoint Molecular Targeting; renamed Perspective Therapeutics in 2023)
Key Leaders: Thijs Spoor, Chief Executive Officer; Paul Lyne, PhD, Chief Science Officer (former co-founder Michael K. Schultz, PhD, moved to Senior Scientific Advisor in July 2026)
Number of Employees: 167
Stage / Funding Round: Publicly traded (NYSE American: CATX)
Financial Snapshot: Reported approximately $237 million in cash, cash equivalents, and short-term investments as of June 30, 2026, with runway expected into late 2027. The company’s market cap was about $349 million in September 2026.
Key Products / Pipeline: Bamzireotide navoxetan ([²¹²Pb]VMT-α-NET), targeting SSTR2 in neuroendocrine tumors and meningioma, in Phase 1/2a and preparing for Phase 3; VMT01, targeting MC1R in melanoma; PSV359, targeting FAP-α in solid tumors — all built on a vertically integrated ²¹²Pb isotope-to-drug manufacturing model.
Recent Highlights: Perspective’s VMT-α-NET continues to show encouraging early clinical activity in SSTR2-positive neuroendocrine tumors, with 19 of 25 patients (76%) remaining alive and progression-free in an interim analysis. The program received European Commission Orphan Medicinal Product Designation for gastroenteropancreatic NETs in July 2026, and Perspective is advancing VMT-α-NET toward a registration-enabling study while expanding its radiopharmaceutical manufacturing capabilities. Together, the clinical data, regulatory recognition, and investment in manufacturing infrastructure mark VMT-α-NET as Perspective’s lead program as it moves toward later-stage development.
Actinium Pharmaceuticals
Sector: Antibody radiation conjugates (ARCs) using actinium-225 and iodine-131 for hematologic malignancies and solid tumors
HQ: New York, NY
Year Founded: 2000
Key Leaders: Sandesh Seth, Chairman & Chief Executive Officer
Number of Employees: 25
Stage / Funding Round: Publicly traded (NYSE American: ATNM)
Financial Snapshot: The company’s market was approximately $35.1 million as of mid-2026.
Key Products / Pipeline: Actimab-A, a CD33-targeted Ac-225 therapeutic advancing toward Phase 2/3 in relapsed/refractory AML in partnership with the National Cancer Institute; ATNM-400, a pan-tumor Ac-225 radioconjugate for prostate, non-small cell lung, and breast cancers; Iomab-B and Iomab-ACT, CD45-targeted conditioning agents ahead of stem cell and cell/gene therapy.
Recent Highlights: Actinium is differentiating itself through its proprietary Ac-225 production technology and expanding radiopharmaceutical manufacturing infrastructure, with a new facility expected to support clinical supply in the second half of 2026. At AACR 2026, the company reported broad preclinical activity for ATNM-400 across prostate, lung, and breast cancer models, while its August update highlighted additional manufacturing capacity and intellectual-property advances for Actimab-A. At the same time, Actinium is working to regain compliance with NYSE American listing standards, underscoring the challenge of advancing a broad radiopharmaceutical platform while operating as a small-cap public company.
Isotope Technologies Munich (ITM)
Sector: Radiopharmaceuticals and medical radioisotopes, spanning both drug development and global isotope supply (notably lutetium-177)
HQ: Garching bei München (Munich), Germany
Year Founded: 2004
Key Leaders: Andrew Cavey, MD, Chief Executive Officer; Klaus Maleck, Chief Financial Officer; Udo J. Vetter, Chairman of the Supervisory Board
Number of Employees: 860
Stage / Funding Round: Private, Series E / late-stage growth financing
Financial Snapshot: Has raised $878 million to date across nine rounds, including a 2024 raise of $205 million and up to $262.5 million in debt financing.
Notable Investors: Temasek, Petrichor Healthcare Capital Management, China Grand Pharmaceutical and Healthcare, BlackRock, RV Invest
Key Products / Pipeline: ITM-11 (n.c.a. ¹⁷⁷Lu-edotreotide), in the Phase 3 COMPETE trial for gastroenteropancreatic neuroendocrine tumors (GEP-NETs); LuCaFab (ITM-31) for malignant brain tumors; commercial isotope products EndolucinBeta and TOCscan; a global no-carrier-added lutetium-177 supply network that also feeds competitors' pipelines.
Recent Highlights: ITM occupies a distinctive position as both a radiopharmaceutical developer and a major supplier of non-carrier-added lutetium-177, including as a long-term supplier of the Lu-177 used in Novartis’s Pluvicto. In 2026, Phase 3 COMPETE data supported a simplified, single-timepoint approach to dosimetry for ITM-11, while the trial also showed significantly longer progression-free survival versus everolimus in advanced GEP-NETs. ITM subsequently filed for U.S. approval, but the FDA issued a Complete Response Letter in August citing CMC and third-party facility inspection issues, leaving the company to address manufacturing and regulatory requirements before ITM-11 can be approved.
Full-Life Technologies
Sector: Fully integrated radiotherapeutics, with actinium-225-based programs for prostate and other solid tumors
HQ: Shanghai, China, alongside a dedicated global headquarters hub in London, United Kingdom. Its European headquarters is in Isnes, Belgium.
Year Founded: 2021
Key Leaders: Lanny Sun, Co-founder & Chief Executive Officer; Julie Wu, President & Chief Financial Officer; Debora Barton, MD, Chief Medical Officer
Number of Employees: ~69
Stage / Funding Round: Series D
Financial Snapshot: Closed a $150 million Series D financing package in May 2026 (comprising ~$110 million in equity and ~$40 million in debt). Vivo Capital led this round alongside strategic partner SK Biopharmaceuticals, bringing Full-Life's total cumulative funding to nearly $350 million since its inception in 2021.
Notable Investors: Vivo Capital (lead), SK Biopharmaceuticals, Chengwei Capital, HSG, Junson Capital, Sequoia China, Sky9 Capital
Key Products / Pipeline: [225Ac]-FL-020, a potential best-in-class actinium-based radiotherapeutic for prostate cancer; FL-261, a c-MET-targeted theranostic RDC program for multiple solid tumors; FL-091, out-licensed to SK Biopharmaceuticals in a deal worth up to $571.5 million; built on the proprietary UniRDC discovery platform.
Recent Highlights: Full-Life is pursuing a vertically integrated radiopharmaceutical model spanning discovery, development, manufacturing, and commercialization, with operations in Belgium, Germany, and China and a new manufacturing facility in Gembloux that completed construction in August 2026 and has begun accelerator commissioning. The company also raised $150 million in May, comprising approximately $109 million in Series D equity and $41 million in debt, with strategic partner SK Biopharmaceuticals participating as an investor. SK Biopharmaceuticals also licensed Full-Life’s FL-091 program in 2024 in a deal worth up to $571.5 million, giving SK global rights to develop and commercialize the NTSR1-targeted radiopharmaceutical while Full-Life continues advancing its broader pipeline independently.
Orano Med
Sector: Targeted alpha therapies built on lead-212 (²¹²Pb), with an integrated industrial isotope-production platform
HQ: Villejuif, France
Year Founded: 2009 (as a subsidiary of the Orano nuclear group)
Key Leaders: Frédéric Desdouits, Chief Executive Officer (appointed April 2026)
Number of Employees: ~260
Stage / Funding Round: Privately held subsidiary of the Orano Group, backed by strategic pharma partnerships and institutional debt financing
Financial Snapshot: Secured a €125 million loan from the European Investment Bank in mid-2026 to fund its Advanced Thorium Extraction Facility (ATEF) and broader industrial platform, on top of a prior €400 million EIB facility for parent company Orano.
Notable Investors: Backed by parent company Orano (a French state-linked nuclear group); strategic partners Sanofi, Roche, and Molecular Partners
Key Products / Pipeline: AlphaMedix (²¹²Pb-DOTAMTATE), an FDA Breakthrough Therapy-designated candidate for GEP-NETs, licensed globally to Sanofi; three additional Phase 1 ²¹²Pb-based clinical programs across various solid tumor targets, including a DARPin-based collaboration with Molecular Partners and a two-step pretargeted approach with Roche.
Recent Highlights: Orano Med’s differentiator is its vertically integrated lead-212 platform, spanning isotope production, drug development and clinical manufacturing. The company has developed a proprietary, scalable process for producing lead-212 from thorium-232. It is expanding upstream capacity through the Advanced Thorium Extraction Facility in France, designed for large-scale thorium-228 production. As of July 2026, four lead-212 clinical studies were underway, while Orano Med had opened a new R&D center in France to complement its existing U.S. research hub and was advancing GMP manufacturing facilities in France and the U.S. With the company investing across the supply chain as well as its clinical pipeline, Orano Med is positioning itself as an integrated infrastructure and drug-development platform in the emerging lead-212 radiopharmaceutical market.
Telix Pharmaceuticals
Sector: Commercial-stage diagnostic and therapeutic radiopharmaceuticals (radioligand therapy and PET imaging) across prostate, kidney, and brain cancer
HQ: Melbourne, Australia (with major operations in Indianapolis, IN)
Year Founded: 2017
Key Leaders: Christian Behrenbruch, PhD, Co-founder & Chief Executive Officer
Number of Employees: 1,234
Stage / Funding Round: Publicly traded (ASX: TLX, Nasdaq: TLX)
Financial Snapshot: Market capitalization of roughly $3.69 billion in early September; full-year 2026 revenue guidance raised to above $1 billion after Q2 2026 revenue of $247 million, following $803.8 million in full-year 2025 sales.
Notable Investors: Publicly traded; dual-listed on ASX and Nasdaq
Key Products / Pipeline: Illuccix (commercial PSMA-PET imaging agent) and Gozellix; TLX591-Tx, a lutetium-labeled PSMA-targeted radio-antibody-drug conjugate in Phase 3 (ProstACT) for advanced prostate cancer; TLX250-Tx, targeting clear cell renal cell carcinoma, now dosing patients in the Phase 3 LUTEON trial; Zircaix (TLX250-CDx), a companion imaging agent pending FDA resubmission.
Recent Highlights: Telix is increasingly using its established imaging business to fund a broad therapeutics pipeline, with H1 2026 revenue reaching $477 million and Precision Medicine revenue up 27% year over year. That commercial base is supporting multiple late-stage radiopharmaceutical programs, including TLX591-Tx in Phase 3 and TLX250-Tx, for which Telix dosed the first patient in the pivotal LUTEON trial in 2026. Telix also entered a strategic collaboration with Regeneron to develop and commercialize next-generation radiopharmaceutical therapies jointly, initially focused on lung cancer, reinforcing its evolution from a commercial imaging company into an increasingly integrated theranostics platform.
