Life Molecular Imaging sold to Lantheus

In January 2025, Life Healthcare entered into binding agreements for the sale of Life Molecular Imaging, a fully integrated research and development radiopharmaceutical company, to an entity owned by Lantheus for total potential consideration of up to US$750 million.

Life Healthcare is one of the largest private healthcare providers in southern Africa, with more than 40 years of experience in the sector. From four hospitals in the early 1980s, it has expanded to 42 hospitals in South Africa and one in Botswana. It also provides mental health, rehabilitation, renal dialysis, oncology and diagnostic services. Life Healthcare is listed on the Johannesburg Stock Exchange (JSE:LHC).

Life Molecular Imaging (LMI) is a fully integrated radiopharmaceutical research and development company. Since 2018, Life Healthcare has invested US$66 million to commercialise LMI’s flagship product Neuraceq®, an Alzheimer’s disease diagnostic tracer, and to advance a pipeline of radioisotope imaging agents.

Lantheus Holdings Inc.(NASDAQ:LNTH) is a radiopharmaceutical-focused company headquartered in Massachusetts, with operations in Canada and Sweden. With more than 65 years in the sector, Lantheus develops and commercialises diagnostic and therapeutic radiopharmaceutical products.

The transaction forms part of a strategic realignment for Life Healthcare. The sale provides an upfront enterprise value of US$350 million on a cash-free, debt-free basis, with potential milestone and royalty payments of up to US$400 million linked to future product sales to 2034. Net proceeds from the upfront payment were returned to shareholders.
Life Healthcare retained rights to manufacture and distribute LMI products in Africa and will continue to benefit from commercial arrangements under the RM2 sub-licence agreement.
For LMI, the transaction places the business with an owner focused exclusively on radiopharmaceutical innovation and commercialisation. For Life Healthcare, it sharpens its focus on integrated healthcare services in southern Africa, supported by a strengthened balance sheet and defined capital allocation priorities.

RMB, Clairfield’s exclusive partner in Sub-Saharan Africa, acted as sole financial advisor, corporate broker, and transaction sponsor to Life Healthcare.

The transaction involved significant structuring complexity, including coordination across multiple jurisdictions and regulatory processes in the United States, Germany and the United Kingdom. The consideration structure required careful valuation analysis to accommodate an upfront payment alongside long-dated milestone components extending to 2034.

Working to an expedited timetable, Clairfield coordinated multiple stakeholder groups and third-party interests, aligning structuring, regulatory and shareholder considerations. Through disciplined execution across these parallel workstreams, Clairfield supported Life Healthcare in delivering a complex crossborder divestment that balanced immediate value realisation with continued participation in the future success of LMI.