Lutetium (177Lu) zadavotide guraxetan

iStock, hapabapa Instead of homing in on PSMA—currently the most validated target in prostate cancer—BMS and Philochem will instead collaborate on an early-stage molecule that binds to a novel marker called ACP3. Bristol Myers Squibb is trying to unlock an alternative pathway to treating prostate cancer. The company’s radiopharma-focused subsidiary RayzeBio has fronted $350 million to partner with Italian-Swiss biotech Philochem to advance an early-stage small-molecule radiotherapeutic targeting a novel biomarker. BMS is also promising up to $1.35 billion in development, regulatory and commercial milestones, plus mid-single to low-double-digit royalties on global net sales. BMS and Philochem expect to close the transaction in the third quarter, pending customary clearances and approvals. Philogen, Philochem’s parent company, surged 20% on Wednesday morning. The star of Wednesday’s agreement is OncoACP3, a small-molecule radiotracer that targets a biomarker called ACP3. According to Philochem, ACP3 is highly expressed in prostate cancer—but not in healthy tissue—and at levels that match or exceed that of PSMA, which is currently the prevailing target of choice for prostate cancer therapies. “A side-by-side comparison between ACP3 and PSMA . . . has shown that ACP3 is more abundantly expressed in prostate cancer than PSMA,” the biotech wrote on its website. OncoACP3 is a small-molecule ligand that has high affinity for the ACP3 protein. Notably, it can carry both Lutetium-177 and Actinium-225—both currently the most common payloads for radiopharmaceuticals. In a statement on Wednesday, RayzeBio president Ben Hickey said that by potentially opening an alternative pathway to PSMA, the Philochem partnership “provides a differentiated entry” for BMS “into the prostate cancer arena.” The decision to zero in on a novel prostate cancer target could also help BMS distinguish itself in a radiopharma field that is becoming increasingly crowded . Currently leading the pack is Novartis, which owns two FDA-approved therapies: Lutathera, indicated for gastroenteropancreatic neuroendocrine tumors, and Pluvicto, which targets PSMA and is approved for prostate cancer. Another pharma trying to catch Novartis is AstraZeneca, which entered the ring in March 2024 with the $2.4 billion acquisition of Fusion Pharmaceuticals, which gave the pharma its lead radiopharma asset FPI-2265, an actinium-based radioconjugate that is being developed for prostate cancer—and targets PSMA. Also in the running is Eli Lilly, which spent $1.4 billion to buy Point Biopharma in October 2023 and $1.1 billion for Aktis Oncology in May 2024. Anchoring its radiopharma pipeline is PNT2002, another PSMA-targeting candidate for prostate cancer.

Lantheus finally came clean about the fate of its experimental radiopharmaceutical for prostate cancer, confirming Wednesday that it has dropped the asset. The company had licensed the β-emitter, known as PNT2002, from Point Biopharma in 2022 . Point was later bought by Eli Lilly. The asset technically succeeded in its Phase 3 trial in late 2023, but its efficacy left much to be desired when compared with the leading prostate cancer radioligand, Novartis’ Pluvicto. Lantheus said that its trial, called SPLASH, had reached 100% of its prespecified overall survival events. The results were no better than those from earlier readouts “and remain confounded by patient crossover within the study.” The company confirmed that it would neither seek approval for PNT2002 nor invest any more money in the product’s development. The move means Lantheus must make a commercial success of another product licensed from Point under the 2022 deal. Codenamed PNT2003, this is a generic version of Novartis’ Lutathera, the leading radiopharmaceutical for a rare neoplasm called gastroenteropancreatic neuroendocrine tumors (GEP-NETs). Lantheus’ US filing for PNT2003 was accepted in January 2024. Another competitor could soon enter here, however. A very similar radioligand developed by the German company ITM Isotope Technologies Munich succeeded in a Phase 3 GEP-NETs trial in January , though detailed data were not released. Bristol Myers Squibb also has a horse in this race, though RYZ-101 is slightly different from the others since it uses the α-emitter actinium-225 as the active isotope rather than lutetium-177. RYZ-101’s Phase 3 trial was briefly halted last year, and ought to yield data in 2026 . Lantheus’ shares $LNTH closed down 23% on the Nasdaq, which was also due to its mixed first-quarter results. Its total revenues for the first three months of 2025 were $372.8 million, which was around 2% below consensus, according to Leerink analysts. At $1.53, earnings per share were about 8% below consensus. The company has made moves to improve its performance, buying a company developing an Alzheimer’s imaging agent and a contract manufacturer at the start of this year.