PharmaLogic will pay $18 million to acquire the assets.
The two companies also agreed to enter into a long-term supply agreement in which Lantheus will supply PharmaLogic with a range of products.
The transaction is contingent on customary closing conditions. The two firms expect the transaction to be completed within the first quarter of 2021.
Under the terms of the agreement, Lantheus will also provide transition support to PharmaLogic following the closing.
Lantheus Holdings is the parent of Lantheus Medical Imaging and Progenics Pharmaceuticals, which specializes in developing diagnostic and therapeutic agents and products.
Similarly, PharmaLogic specializes in radiopharmaceuticals and mobile PET/CT operations.
“This transaction extends our strategic relationship with PharmaLogic, the fundamental business of which is dedicated to nuclear medicine and radiopharmaceutical production, simplifies our distribution model in Puerto Rico, and allows us to use the proceeds from the transaction to invest in our core businesses and product pipeline,” said Mary Anne Heino, CEO of Lantheus in prepared remarks.