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LNTH

Lantheus

$16.44 /

-0.065 (-0.39%)

, PGNX

Progenics

$4.37 /

-0.18 (-3.96%)

11:31
02/20/20
02/20
11:31
02/20/20
11:31

Lantheus, Progenics agree to amended transaction terms

Lantheus Holdings (LNTH) and Progenics Pharmaceuticals (PGNX) announced that they have entered into an Amended and Restated Agreement and Plan of Merger which amends the previously announced definitive Agreement and Plan of Merger dated as of October 1, 2019. The Amended Agreement has been unanimously approved by the Boards of Directors of both companies. Under the terms of the Amended Agreement, Lantheus will acquire all of the issued and outstanding shares of Progenics common stock at a fixed exchange ratio whereby Progenics stockholders will receive, for each share of Progenics stock held at the time of the closing of the merger, 0.31 of a share of Lantheus common stock, increased from 0.2502 under the Original Agreement, together with a non-tradeable contingent value right. The CVR is payable in two separate cash payments if PyLTM, Progenics' prostate-specific membrane antigen targeted imaging agent designed to visualize prostate cancer currently in late stage clinical development, exceeds net sales thresholds of $100M in 2022 and $150M in 2023. As a result of the increase in the exchange ratio, following the completion of the merger, former Progenics stockholders' aggregate ownership stake will increase to approximately 40% of the combined company from approximately 35% under the terms set forth in the Original Agreement. Mary Anne Heino, President and CEO of Lantheus, said, "After continued integration planning with Progenics and close collaboration with Progenics' reconstituted Board of Directors, we are even more excited about the potential value we can unlock by combining our two businesses. We remain confident that together, we will create a platform that 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."

LNTH

Lantheus

$16.44 /

-0.065 (-0.39%)

PGNX

Progenics

$4.37 /

-0.18 (-3.96%)

  • 25

    Feb

  • 25

    Feb

LNTH Lantheus
$16.44 /

-0.065 (-0.39%)

10/02/19 Credit Suisse
Lantheus deal for Progenics has 'some strategic merit,' says Credit Suisse
08/16/19
Lantheus upgraded to Outperform from Market Perform at CJS Securities
PGNX Progenics
$4.37 /

-0.18 (-3.96%)

07/29/19 Brookline
Progenics initiated with a Buy at Brookline

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