Imaging company Lantheus enters therapeutics with Progenics takeout

Lantheus plans to acquire Progenics in an all-stock deal, creating a path for the medical imaging company to move into therapeutics.

Based on the 86.4 million outstanding shares of Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) and the exchange rate of 0.2502 Lantheus Holdings Inc. (NASDAQ:LNTH) shares per Progenics share, Lantheus would pay about 21.6 million shares for Progenics. At Lantheus’ Tuesday closing price of $24.03, Progenics would be valued at $519.6 million; however, Lantheus shares tumbled 21% Wednesday to close at $19.04, putting the deal’s value at about $411 million. ...