Multinational Pharma Giants Rush into Radiopharmaceuticals: A Fiercely Contested Strategic Frontier

Industry Perspective

Multinational pharmaceutical companies are densely deploying, making the radiopharmaceuticals track a battleground for all.

On December 26, Bristol-Myers Squibb acquired RayzeBio for $62.50 per share in cash, representing a premium of over 100%, with a total equity value of approximately $4.1 billion. The transaction is expected to be completed in the first half of 2024. Through this acquisition, BMS will gain access to RayzeBio's differentiated radiopharmaceutical technology platform based on alpha-emitting radionuclides, as well as multiple innovative pipeline products, including RYZ101 and RYZ801, significantly enhancing BMS’s oncology portfolio.

Multinational pharmaceutical companies are intensively deploying nuclear medicine through acquisitions, equity investments, and technology introductions. In addition to BMS, multinational pharmaceutical companies such as Novartis, Bayer, Eli Lilly, Johnson & Johnson, AstraZeneca, Merck, and Roche have also entered the field of radionuclide therapeutic drugs. Among them, Novartis and Bayer are pioneers and leaders in the nuclear medicine field. Novartis has rapidly built a radioligand therapy technology platform through acquisitions and owns two blockbuster products, Lutathera and Pluvicto, while continuously expanding indications. According to company announcements, the sales of these two products in the first three quarters of 2023 were $458 million and $707 million, respectively. According to public reports from Novartis R&D Day 2023, with increased production capacity and expanded indications, Pluvicto’s peak sales are expected to exceed $3 billion. Bayer's Xofigo was approved by the FDA for marketing in 2013, after which it acquired Algeta, Noria, and PSMA Therapeutics to further strengthen its position in nuclear medicine. In October 2023, Eli Lilly announced the acquisition of POINT Biopharma at a price of $12.50 per share, representing a 68% premium, obtaining several nuclear medicines, including PNT2002 and PNT2031, both in late clinical stages. Additionally, multinational pharmaceutical companies such as AstraZeneca, Merck, Johnson & Johnson, and Roche have also entered the nuclear medicine field in recent years through equity investments and technology introductions. From the perspective of indications, the R&D pipelines mainly focus on prostate cancer, neuroendocrine tumors, and some solid tumors. Regarding treatment targets, they mainly concentrate on PSMA, SSTR, FAP, etc., with high concentration in both indications and targets.

In addition to therapeutic nuclear medicines, major multinational giants and domestic leaders in nuclear medicine in China are actively investing in PET diagnostic nuclear medicines for Alzheimer's disease (AD). According to PharmaCube data, in the field of Aβ-targeted diagnostic nuclear medicines: 18F-Florbetapir, originally developed by Eli Lilly and Company, was approved for marketing in the United States in 2012 and is currently at the NDA stage in China, with its application scenarios being PET imaging for Alzheimer's disease, marking the beginning of the use of PET imaging technology for AD diagnosis. Subsequently, life science giants such as GE and LMI also joined the race for product development. Flutemetamol F-18, originally developed by GE Healthcare, was approved for marketing in the United States in 2013. Additionally, DC PHARMA and China Isotope & Radiation Corporation have entered the tracer market in China. DC PHARMA's 18F-Florbetapir Injection targeting Aβ submitted an application for marketing authorization to the CDE in 2023. Beijing Xiantong International Technology Co., Ltd. and China Isotope & Radiation Corporation are also actively developing related products. In the field of Tau-targeted diagnostic nuclear medicines: besides Eli Lilly and Company’s 18F-Flortaucipir, which received FDA approval for marketing in 2020, other Tau PET tracers are still in clinical stages. Among them, 18F-Izaflortaucipir, developed by LMI/AC Immune, and 18F-Florzolotau, co-developed by Biogen and DC PHARMA, are progressing rapidly in global Phase III clinical trials. Meanwhile, 18F-MK-6240, developed through a collaboration between Cerveau Technologies and Beijing Xiantong International Technology Co., Ltd., is in Phase II clinical trials (Phase I clinical trial in China). Pharmaceutical companies both inside and outside China are showing great enthusiasm for the research and development of Tau PET tracers.