Life Molecular Imaging sold to Lantheus
Life Healthcare sold LMI, a fully integrated research and development radiopharmaceutical company, to an entity owned by Lantheus Holdings Inc.
Lantheus is a leading radiopharmaceutical-focused company, listed on the stock exchange (NASDAQ:LNTH).
The transaction unlocks significant value for the shareholders and de-risks the execution of the LMI business plan. The shareholders remain invested in the future growth of LMI through milestone payments and retained rights in Africa. It also repositions Life Healthcare as a leading, diversified, and integrated healthcare services provider in Southern Africa with a strong balance sheet and clear capital allocation priorities.
The total purchase consideration is up to US$750 million comprising an upfront payment of an enterprise value of US$350 million, on a cash-free, debt-free basis and potential earnout payments totaling a further US$400 million linked to milestones of future sales of LMI products up to 2034. Net proceeds from the upfront payment, which are anticipated to be US$200 million, are intended to be returned to shareholders.
Life Healthcare is expected to retain the commercial benefits awarded to LMI under the RM2 sub-license agreement reached with Lantheus in June 2024.
RMB, Clairfield’s exclusive partner in Sub-Saharan Africa, acted as sole financial advisor, transaction sponsor and corporate broker to Life Healthcare on the transaction, providing holistic advisory services to Life Healthcare across multiple workstreams to meet the expedited timeline. The transaction highlighted RMB’s ability to advise on complex, crossborder transactions, including from a valuation and structuring perspective to cater for various third party stakeholders and interested parties.
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Sale
Advisor to the seller
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