Progenics, an oncology company developing medicines and artificial intelligence-based technologies for finding, fighting and following cancer, entered into a merger agreement with Lantheus that was first announced on Oct. 2, 2019.
Upon the completion of the merger, Progenics stockholders received 0.31 of one share of Lantheus common stock and one non-tradable contingent value right in exchange for one share of Progenics common stock, according to a news release.
The contingent value right is payable in two contingent payments, subject to a cap, upon the achievement of certain milestones related to the financial performance of PyLTM (18F-DCFPyL), Progenics’ prostate-specific membrane antigen targeted imaging agent designed to visualize prostate cancer.
Progenics, which previously traded on the Nasdaq market under the ticker PGNX, is being delisted, while the merged companies will continue to trade on the Nasdaq under Lantheus’ LNTH ticker.
“Today marks an important day for Lantheus and Progenics,” Lantheus president & CEO Mary Anne Heino said in the release. “This combination forms an innovative company with a diversified diagnostics and therapeutics portfolio. The transaction leverages Lantheus’ long-standing expertise in complex manufacturing, supply chain and commercial excellence, with Progenics’ three leading FDA approved products, clinical pipeline and development capabilities.
“We’re excited to welcome the talented Progenics employees to the Lantheus organization to help build upon our solid foundation.”