If 2024 was the spark, 2025 is the wildfire. Radiopharmaceuticals are no longer a niche segment in biotech—they’re at the forefront of innovation, investment, and strategic expansion. Fierce Pharma published a forecast at the start of 2025, projecting the radiopharma market to grow to $26.5B by 2031 (Insight Partners) or even $42B by 2032 (Fortune Business Insights), driven by rising demand for targeted radiation therapies.
And the momentum was palpable at this year’s TRP Summit in San Diego, where the industry’s leading voices gathered to spotlight the science, partnerships, and talent fueling this precision-driven field. At Partnology, we’ve had a front-row seat to the evolution of this space through our work with biotech leaders and emerging innovators. Here’s a look at what’s driving radiopharma’s explosive growth in 2025—and why it’s attracting record-breaking capital, clinical breakthroughs, and top-tier talent.
$1B+ in Radiopharma Deals in 2025 (So Far)
Biotech M&A and strategic investments have surged, signaling confidence in radiopharmaceuticals as a durable and scalable modality for treating cancer and beyond.
Some standout deals:
- Lantheus invested over $250M to acquire CDMO Evergreen Theragnostics, deepening control over its radiopharma supply chain.
- Telix Pharmaceuticals completed a trio of acquisitions—ARTMS, IsoTherapeutics, and QSAM Biosciences—totaling over $700M, expanding both pipeline and production capacity.
- AdvanCell secured a $112M Series B led by Sanofi Ventures, with plans to launch clinical trials in prostate cancer for its lead alpha-emitting therapeutic.
- Artbio, a radiopharma startup co-founded by former Novartis executive Emanuele Ostuni, closed $132M Series B funding to accelerate a prostate cancer-targeted radiopharmaceutical into early clinical testing, including building its manufacturing capabilities.
- Philochem AG announces the licensing of worldwide rights to OncoACP3, a novel radiopharmaceutical therapeutic and diagnostic agent targeting prostate cancer, to RayzeBio, a Bristol-Myers Squibb Company, with an upfront payment of $350M and a potential value of up to $1B plus royalties.
- A new player in radioligand therapies (RLTs), Norway and US-based Actithera, has arrived on the scene with $75.5 million in first-round financing and a lead asset for cancer in preclinical development.
Data-Driven Proof That Radiopharma Is Delivering
Beyond funding and acquisitions, 2025 has brought meaningful clinical progress that reinforces radiopharmaceuticals as a scientifically validated and patient-impactful modality. Several companies have crossed critical clinical milestones, giving the field momentum—and credibility.
Here are some of the key data-driven highlights:
- ITM Isotope Technologies announced promising Phase III data for its neuroendocrine tumor treatment, solidifying its potential as one of the first radiopharmaceuticals to reach the finish line in this indication. This pivotal readout could set a precedent for future late-stage programs.
- Telix Pharmaceutical’s TLX101 Shows Strong Efficacy in Glioblastoma: Preliminary results from the Phase 2 IPAX-Linz study showed TLX101, in combination with external beam radiation, achieved a median overall survival of 12.4 months in patients with recurrent high-grade glioma—exceeding benchmarks for EBRT alone.
- Fusion Pharmaceuticals reported initial patient dosing in new trials for FPI-2265, an actinium-225-based therapy targeting PSMA, marking one of the first clinical applications of this isotope in solid tumors.
- Radiopharm Theranostics has received IND approval from US FDA to initiate Phase I therapeutic clinical study to target B7H3 with Betabart (RV-01).
- Abdera Therapeutic’s lead radiopharma candidates—ABD‑320 (5T4) and ABD‑147 (DLL3)—are engineered to deliver Actinium‑225 to solid tumors, using its ROVEr™ platform. Preclinical efficacy was demonstrated with favorable uptake, retention, and safety profiles.
These advancements aren’t just scientific wins—they’re a sign that radiopharma is moving from proof-of-concept to proof-of-impact.
Why the Interest Now?
Radiopharmaceuticals offer the ideal blend of targeted delivery and systemic impact, especially in oncology. These therapies can home in on tumor cells with high specificity—while minimizing damage to healthy tissue. The result? Therapies with more potent efficacy and less toxicity, giving both patients and physicians new hope.
Investor confidence in the targeted radiopharmaceutical (TRP) space is clearly on the rise, as evidenced by significant funding rounds and a wave of isotope supply deals that signal increasing capital flow into the sector. At the same time, innovation in radioligand therapy (RLT) platforms is accelerating, with next-generation models enhancing specificity, tumor uptake, and safety across a broad range of solid tumor indications. To navigate the complexities of development and commercialization, companies are also forming strategic partnerships—both in technology and isotope supply—positioning themselves to scale increasingly sophisticated TRP pipelines amid a rapidly evolving regulatory landscape.
TRP Summit Takeaways
The 4th Targeted Radiopharmaceuticals (TRP) Summit in San Diego underscored the rapidly growing momentum in the precision radiopharmaceuticals sector, highlighting both major industry breakthroughs and persistent challenges. With over 275 global leaders from biotech, pharma, and academia in attendance, the event showcased pivotal advances such as AtomVie and TerraPower’s strategic Actinium-225 supply agreement, ASP Isotopes’ Gadolinium-160 partnership with Isotopia, and a $1.3 billion licensing deal for OncoACP3.
These developments reflect a sector quickly transitioning from research to clinic, supported by stronger isotope supply chains and a market projected to triple by 2031. Over three content-packed days, the summit focused on novel tumor-targeting ligands, translational strategies to improve clinical performance, and scaling up isotope production. While the opportunity to shape the future of nuclear medicine is immense, speakers emphasized the need for coordinated efforts in overcoming regulatory, manufacturing, and R&D hurdles to fully realize the potential of TRP therapeutics.
Key themes we noted:
- Manufacturing is mission-critical—especially access to isotopes and CDMO partnerships.
- Talent is a bottleneck—companies need leaders who understand both nuclear medicine and commercial biotech strategy.
- Global expansion is accelerating, especially into Europe and APAC.
- Partnerships are growing more strategic, with big pharma continuing to invest in pipeline diversification through radiopharma alliances.
What This Means for Biotech Leaders and Investors
This isn’t just a wave—it’s a shift. Radiopharmaceuticals are reshaping how we think about cancer care, drug development timelines, and the future of precision medicine.
- For executives and board members, the key question is: Do you have the right team, partners, and infrastructure to seize this opportunity?
- And for investors: Radiopharma is no longer an early bet—it’s a rising category with proven traction.
Our Role in the Ecosystem
At Partnology, we support the growth of this exciting field and many others by connecting visionary leaders with pioneering companies—from stealth-mode startups to public biotech innovators. As the market heats up, so does the need for high-impact talent—and we’re here to help build those teams. If your company is building, investing in, or exploring radiopharmaceuticals, we’d love to connect. Whether you need market insights, executive hiring support, or just a thought partner—we’re just a message away!
