Dealmaking across oncology and radiopharmaceuticals accelerated this week, with licensing agreements reshaping antibody-drug conjugate and breast cancer pipelines, alongside a multibillion-dollar merger in nuclear medicine.

Patho AI licenses TROP2/HER3 bispecific ADC from Alphamab

Pathos AI, a clinical-stage AI and technology company advancing its own pipeline of cancer therapies, announced a licensing agreement with Jiangsu Alphamab Biopharmaceuticals, a wholly-owned subsidiary of Alphamab Oncology, for JSKN016, a first-in-class TROP2/HER3 bispecific antibody-drug conjugate independently developed by Alphamab.¹

Under the terms of the agreement, Alphamab is granting Pathos an exclusive license to research, develop, manufacture and commercialize JSKN016 outside the Chinese Mainland, Hong Kong, Macau and Taiwan, with Pathos expected to bear all related development and commercialization costs.¹ Alphamab retains full and exclusive rights to develop, manufacture and commercialize JSKN016 within those retained territories.

As part of the deal, Alphamab is entitled to a non-refundable upfront payment of $125 million along with milestone payments tied to development and commercialization targets totaling up to $2,093 million, as well as tiered royalties at high-single digit to low-double digit percentage rates on aggregate annual net sales in the licensed territories.¹

JSKN016 is conjugated via site-specific glycosylation to generate a homogeneous and stable ADC with a drug-to-antibody ratio of 4. It binds to TROP2 and/or HER3 on tumor cells, blocks the corresponding signaling pathways and releases topoisomerase I inhibitors through cellular endocytosis to exert anti-tumor effects.

"JSKN016 is a next-generation bispecific ADC with the potential to address significant unmet need across a range of solid tumors, and we are excited to advance it in partnership with Alphamab. This program was identified through Foundry, the same platform that continues to guide portfolio decisions across our clinical pipeline. This collaboration reflects our shared commitment to bringing differentiated therapies to patients," said Iker Huerga, chief executive officer of Pathos AI.

Pathos AI and AstraZeneca advance AZD4241

Along with its licensing agreement with Alphamab, Pathos AI also announced a collaboration and co-exclusive licensing agreement with AstraZeneca, aiming to advance AZD4241, a preclinical investigational therapy for patients with estrogen receptor-positive, human epidermal growth factor receptor 2-negative breast cancer.² As part of the deal, Pathos will assume responsibility for the asset's early clinical development.

AZD4241 is an investigational oral PROTAC (proteolysis-targeting chimera) designed to degrade the estrogen receptor, targeting both normal and mutated forms of the receptor.² Mutated forms of the estrogen receptor are present in up to 30-40% of patients whose disease progresses on standard hormone therapies.

"The bottleneck in oncology is not finding molecules. It is proving they work in the right patients. AZD4241 has a compelling mechanism. Foundry's job is to design the trial that proves it — matching this drug to the patients whose biology demands it. That is how we compress time. Patients are waiting," said Iker Huerga, chief executive officer of Pathos AI.

The collaboration expands Pathos's clinical pipeline to three major assets across four distinct tumor types, AZD4241 for ER+/HER2- breast cancer, pocenbrodib for metastatic castration-resistant prostate cancerand relapsed/refractory multiple myeloma, and DO-2 for MET-altered non-small-cell lung cancer.²

Curium to acquire Lanthe

Curium announced that Curium U.S. Holdings LLC and Lantheus have entered into a definitive agreement under which Lantheus will merge with a wholly-owned subsidiary of Curium U.S.³

As part of the agreement, Curium U.S. will acquire all outstanding shares of Lantheus for $102.50 per share in cash at closing, plus non-transferable contingent value rights providing for up to $12.00 per share in potential additional cash payments, subject to specified commercial milestones for Lantheus's products through 2030.³ Total per-share consideration is up to $114.50, and the total transaction value is up to approximately $8.0 billion.³

The transaction represents a premium of 38% to Lantheus's unaffected 60-day volume-weighted average price, 29% to its unaffected 30-day volume-weighted average price, and 21% to its unaffected closing price, each as of May 21, 2026, the last trading day before the first media report of a potential sale.³

Lantheus's board of directors unanimously approved the transaction.

Together, Curium and Lantheus are positioned to create a radiopharmaceutical company spanning diagnostics and therapeutics, with infrastructure and capabilities to serve patients in more than 70 countries.

"Lantheus is the ideal partner to accelerate what we have been building at Curium. We have executed a strategy to build an innovative, theranostics platform by expanding our global manufacturing footprint, advancing our radioligand therapy pipeline across key regions, and positioning Curium to drive the next generation of theranostics innovation,” said Renaud Dehareng, chief executive officer of Curium Group.

Sources

1. Pathos AI Enters Global Licensing Agreement with Alphamab Oncology on JSKN016, a First-in-Class TROP2/HER3 Bispecific ADC Pathos AI August 3, 2026, https://www.businesswire.com/news/home/20260803012674/en/Pathos-AI-Enters-Global-Licensing-Agreement-with-Alphamab-Oncology-on-JSKN016-a-First-in-Class-TROP2HER3-Bispecific-ADC
2. Pathos AI Enters Collaboration and Co-Exclusive Licensing Agreement to Advance Novel ERα PROTAC for ER+ Breast Cancer into the Clinic Pathos AI August 3, 2026, https://www.businesswire.com/news/home/20260804795138/en/Pathos-AI-Enters-Collaboration-and-Co-Exclusive-Licensing-Agreement-to-Advance-Novel-ER-PROTAC-for-ER-Breast-Cancer-into-the-Clinic
3. Curium Announces Definitive Agreement to Merge with Lantheus Lantheus Holdings August 3, 2026, https://www.globenewswire.com/news-release/2026/08/03/3337411/0/en/curium-announces-definitive-agreement-to-merge-with-lantheus.html