CapVest backs $7bn Curium CV to scale radiopharmaceuticals

CapVest has structured a major recapitalisation of radiopharmaceuticals specialist Curium through a new continuation vehicle that values the company at approximately $7 billion. The move secures new long‑term capital to accelerate product launches, R&D and international roll‑out while keeping CapVest as the controlling shareholder.

The financing drew a broad institutional syndicate across regions. Lead participants include ICG, TPG GP Solutions and CVC Secondary Partners, alongside investments from Goldman Sachs Alternatives, Lunate, Pantheon, and Ardian. Curium also accepted a minority stake from TPG Life Sciences Innovations. The depth and mix of backers — strategic private equity, secondaries and life‑sciences specialists — underlines investor conviction in nuclear medicine’s secular growth.

Since emerging as an integrated platform, Curium has built an end‑to‑end footprint spanning development, manufacturing, logistics and market access. The company today supplies diagnostic and therapeutic radiopharmaceuticals to more than 14 million patients across over 70 countries, delivering critical isotopes and radioligand therapies for oncology and nuclear diagnostics.

Nuclear medicine and radioligand therapy are among the fastest‑growing segments of specialty pharmaceuticals, with multiple analysts forecasting robust double‑digit expansion as new RLT approvals and diagnostic innovations unlock demand. The recapitalisation is explicitly intended to fuel Curium’s pipeline progression — both internal R&D and bolt‑on acquisitions or partnerships that can speed late‑stage development and commercial scale‑up for treatments focused on neuroendocrine and prostate cancers.

Renaud Dehareng, Chief Executive Officer of Curium, said the transaction materially strengthens the company’s balance sheet to support clinical programmes and global capacity expansion. Kate Briant, Senior Partner at CapVest, highlighted the firm’s continued commitment after eight years of ownership and said the deal brings new institutional partners to back a global growth trajectory.

Advisors on the deal included PJT Partners as lead financial adviser and Kirkland & Ellis as legal counsel. For the sector, the deal stands out as one of the largest private capital events in nuclear medicine, signalling growing appetite among global investors for assets that combine specialised manufacturing, regulated supply chains and high‑margin therapeutic pipelines.