After decades of neglect from big pharma, radiopharmaceuticals are generating major oncology deals globally. This could lead to a boom in cancer drugs that can serve as both treatments and diagnostics, or ‘theranostics.’
Over the last several months, there has been big activity from companies developing drugs that use radioactivity to destroy tumors. Just this week, we’ve seen the Australian firm Telix Pharmaceuticals licensing its portfolio to China Grand Pharma in a deal worth €242M (AU $400M). Not long after a €182M ($212M) IPO in June, the US-based Fusion Pharma was recently recruited by the big pharma AstraZeneca to co-develop radiotherapies for cancer. And in mid-October, the US radiopharmaceuticals startup RayzeBio launched with a €39M ($45M) Series A.
“The market is clearly hot at the moment and, whilst the majority of the investment has been in the US, we are also seeing a high level of interest and activity in Europe and the Far East,” said Paul Edwards, NanoMab’s CEO.