Novartis
Novartis AG is a prominent global healthcare company that has secured its position as a frontrunner in the theranostics market, primarily through its focus on radioligand therapy (RLT). The company’s strategic commitment to integrating diagnostics and therapeutics is demonstrated by its robust portfolio, which includes two major FDA-approved radiopharmaceutical products: Lutathera and Pluvicto. Lutathera is used for treating neuroendocrine tumors, while Pluvicto targets prostate-specific membrane antigen (PSMA) positive metastatic castration-resistant prostate cancer. Through extensive R&D and strategic acquisitions, Novartis is focused on expanding access to next-generation diagnostics and therapeutic solutions in oncology. The company actively seeks partnerships, such as a license and collaboration agreement with Ratio Therapeutics, to advance SSTR2-targeting radiotherapeutic candidates for cancer treatment, reinforcing its role as a key leader shaping the future of personalized medicine through theranostics.
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Bayer AG
Bayer AG is a global life science company with a significant presence in the theranostics field, driven by its Pharmaceuticals division’s focus on targeted radioligand therapies. The company markets Xofigo (radium Ra 223 dichloride), a foundational radiopharmaceutical used to treat prostate cancer that has metastasized to the bones. Bayer’s strategy involves enhancing patient outcomes through precision oncology applications, which includes continuously investing in its radiopharmaceutical pipeline. Recognizing the future of alpha-emitting isotopes in theranostics, Bayer strategically entered into a capacity reservation agreement with PanTera in 2024 for the supply of actinium-225, a potent alpha emitter. This focus on both commercialized products and the next generation of targeted therapies solidifies Bayer’s role in advancing the integration of diagnostics and therapeutics in cancer treatment.
GE HealthCare
GE HealthCare Technologies Inc. is a market leader in medical imaging technologies, playing a critical role in the theranostics pathway by providing the necessary diagnostic infrastructure. The company integrates advanced diagnostic scanners, such as PET/CT and SPECT/CT (Biograph and Symbia series), with proprietary radiopharmaceuticals and digital health solutions. GE HealthCare aims to streamline clinical workflows and optimize patient care through automation and AI-driven image analytics. Their portfolio includes essential molecular imaging agents and radiopharmaceuticals, helping clinicians in diagnosing, patient selection, therapy response monitoring, and follow-up. Through strategic moves, like agreeing to acquire full ownership of Nihon Medi-Physics, GE HealthCare continues to expand its global footprint and capabilities, ensuring seamless integration of diagnostic imaging and radiotherapeutic strategies for precision oncology.
Siemens Healthineers
Siemens Healthineers AG is a major global MedTech company that supports the theranostics market by providing comprehensive precision oncology tools across the entire patient pathway, from diagnosis to therapy monitoring. The company offers a wide range of healthcare solutions, including diagnostic imaging (PET/CT, SPECT/CT), laboratory diagnostics (Atellica Solution), and radiotherapy systems (Varian). Siemens’ PETNET Solutions, Inc. segment is crucial for producing and distributing radiopharmaceuticals, and their portfolio includes agents like Ammonia N13 and Amyvid. By expanding its theranostic portfolio—such as through the acquisition of advanced accelerator applications molecular imaging from Novartis—and developing companion diagnostics paired with targeted therapies, Siemens Healthineers reinforces its position as a key global player dedicated to integrating molecular imaging and targeted therapy for personalized cancer care.
Lantheus Holdings, Inc.
Lantheus Holdings, Inc. is a commercial-stage radiopharmaceutical company highly regarded for its innovation in molecular imaging agents and its role in advancing precision diagnostics. The company provides cutting-edge tracers, including DaTscan and Vizamyl, which are essential for enhanced disease detection, particularly in oncology and cardiology. Lantheus specializes in products utilizing isotopes like Fluorine-18, driving clinical advancements and meeting the global demand for precision diagnostic solutions critical for selecting and monitoring patients in theranostic programs. The company’s focus on the development and supply of both diagnostic and therapeutic agents makes it a vital link in the radiotheranostics supply chain, ensuring healthcare providers have reliable access to the necessary tools for complex theranostic procedures.
Telix Pharmaceuticals Limited
Telix Pharmaceuticals Limited is a global, commercial-stage biopharmaceutical company focused on developing and commercializing therapeutic and diagnostic radiopharmaceuticals (theranostics) to redefine oncology care. Telix employs a targeted approach, utilizing molecularly targeted radiation to detect and treat cancer. The company’s pipeline includes various radiopharmaceutical candidates for indications such as malignant brain tumors (e.g., using 64Cu-ATSM) and prostate cancer. Telix is actively engaged in collaborations, such as with Curium and LinqMed, to advance its assets through clinical development. By developing dual-purpose agents—radioisotopes for imaging and related isotopes for therapy—Telix is positioning itself as a key innovator in precision medicine, accelerating the adoption of theranostics as a standard of care for complex malignancies.
Cardinal Health, Inc.
Cardinal Health, Inc. is a critical operational player in the theranostics market, functioning primarily as a vital supplier and distributor of radiopharmaceuticals and nuclear medicine services. The company offers nationwide distribution of ready-to-use radiopharmaceuticals and provides industry-leading radiopharmacy services, ensuring the timely delivery of short-lived isotopes essential for nuclear medicine procedures, including SPECT and PET scans. Furthermore, Cardinal Health is heavily involved in radiopharmaceutical contract manufacturing (CDMO), leveraging its cyclotron expertise to offer dose preparation and complex manufacturing services. Its focus on the nuclear medicine segment and the infrastructure required for handling and distributing these sensitive materials solidifies Cardinal Health’s crucial role in supporting the clinical adoption and operational excellence of theranostic programs across global healthcare systems.
Curium NV
Curium NV stands as a global powerhouse in the radiopharmaceuticals industry, specializing in the manufacture and distribution of both diagnostic and therapeutic radioisotopes, which are the fundamental building blocks of theranostics. The company ensures a reliable supply chain of key isotopes such as Technetium-99m and Iodine-131 through its geographically diverse facilities. Curium’s comprehensive portfolio and strategic investments in decentralized production capabilities reinforce its leadership position, making it a critical partner for healthcare providers worldwide. By supporting the full spectrum of nuclear medicine, Curium is instrumental in advancing both molecular imaging and targeted therapeutic applications, thereby facilitating the growth and widespread clinical use of integrated theranostic approaches in oncology and other disease areas.
Radiopharm Theranostics (RAD)
Radiopharm Theranostics (RAD) is an Australian clinical-stage biotech company committed to pioneering first-in-class radiopharmaceuticals for both diagnostic and therapeutic use. The company distinguishes itself by focusing on novel oncology targets, deliberately avoiding established “me-too” targets like PSMA and SSTR2. RAD is advancing a robust pipeline of distinct radiopharmaceutical technologies targeting PD-L1, HER2, and αvβ6 integrin, among others, for advanced cancers including brain metastases and prostate cancer. With a dual listing on NASDAQ and ASX, and strategic partnerships like a joint venture with MD Anderson, RAD is rapidly translating its innovative vision into clinical reality. Its mission is to deliver smarter, precision therapies that address true gaps in care, thereby transforming precision cancer care and empowering patients with new targeted radiodiagnostic and radiotherapeutic solutions.
RayzeBio
RayzeBio, recently acquired by Bristol-Myers Squibb (BMS), is a biotechnology company dedicated to developing targeted radiotherapies for various cancers. It operates at the intersection of nuclear medicine and precision oncology, focusing on the use of radiopharmaceuticals to deliver therapeutic doses directly to tumor cells. RayzeBio’s pipeline includes several promising radiopharmaceutical candidates—such as RYZ101, RYZ801, and RYZ811—designed to treat indications ranging from neuroendocrine tumors to other solid tumor types. The company leverages targeted binding agents (like peptides) linked to potent therapeutic radioisotopes to ensure precise radiation delivery, maximizing efficacy while minimizing damage to healthy tissue. RayzeBio’s substantial funding history and its subsequent acquisition underscore its significant potential to drive innovation and bring next-generation radiotheranostic agents to the market.
Jubilant Pharmova Limited
Jubilant Pharmova Limited is a global pharmaceutical entity that maintains a strong focus on the radiopharmaceuticals and theranostics segment through its subsidiary, Jubilant Radiopharma. The company leverages its expertise in both reactor-based and cyclotron-based production technologies to offer a diverse range of radioisotope products, including SPECT and PET tracers. Key radiopharmaceutical products offered include HICON and RUBY-FILL. Jubilant Pharmova is crucial for meeting rising clinical needs in oncology and cardiology, providing essential diagnostic and therapeutic isotopes. By blending global reach with comprehensive manufacturing capabilities, Jubilant reinforces its standing among the leading providers of radiopharmaceuticals, supporting the necessary supply infrastructure for growing theranostic programs worldwide.
Eckert & Ziegler AG
Eckert & Ziegler AG is a German-based specialist providing essential infrastructure and components for the theranostics industry, focusing on medical isotope production and modular equipment. The company provides advanced generators and specialized solutions that are crucial for radiolabeling and targeted therapy development in clinical centers and research institutes. Their portfolio supports the acceleration of theranostic development by supplying necessary components and targeted therapy solutions. Eckert & Ziegler’s expertise ensures researchers and clinicians have access to high-quality, reliable radioactive sources and equipment required for complex radiopharmaceutical preparation and administration, securing its position as a key enabling partner in the global shift toward personalized medicine.
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