NorthStar Medical Radioisotopes

What NorthStar Medical Radioisotopes does

NorthStar Medical Radioisotopes, LLC is a privately held U.S. radiopharmaceutical company headquartered in Beloit, Wisconsin, operating a vertically integrated 55-acre campus that co-locates isotope production, isotope processing, cGMP manufacturing, and contract development services. The company's core technology is built around IBA Rhodotron TT300-HE electron beam accelerators operating at 40 MeV, which produce non-uranium-based Actinium-225 (Ac-225) from Radium-226 and Copper-67 (Cu-67) from Zinc-68 using photonuclear reactions, alongside Molybdenum-99 (Mo-99) and related Tc-99m systems, all following a 'Reduce, Recover, Reuse' approach. The company also runs a 52,000 sq ft Radiopharmaceutical CDMO/CMO facility offering cGMP-compliant alpha, beta, and gamma radiopharmaceutical manufacturing for biopharmaceutical developers, CDMOs, CROs, academic institutions, and major pharmaceutical companies.

NorthStar generates revenue primarily through two commercial streams: (1) commercial-scale radioisotope supply under multi-year strategic supply agreements — including exclusive Cu-67 supply to Clarity Pharmaceuticals and Ac-225 supply agreements with Bayer, Point Biopharma, Convergent Therapeutics, Aktis Oncology, Ariceum, BIOEMTECH, Alpha-9 Oncology, Nucleus RadioPharma, Cellectar, Monopar, Curadh MTR, Radiopharm Theranostics, Curie Therapeutics, PDRadiopharma/PeptiDream, and YAP Therapeutics — and (2) customized radiopharmaceutical CDMO/CMO services across the R&D-to-commercialization lifecycle. A third, non-dilutive funding stream includes federal grants, notably a $37 million DOE/NNSA award in 2021 to expand Mo-99 production. Pricing is quote-based and not publicly disclosed; supply and contract terms are negotiated per partner. The company is majority-owned by Hendricks Holding Company, Inc. and serves customers in more than 20 countries from its centralized Midwest base with dedicated 24/7 logistics and DOT-certified Type A packaging.

The company is led by President and CEO Frank Scholz, Ph.D. (appointed June 2023), with a recent C-suite expansion including CFO Victor Miller, CFA and CCO Kathy Spencer-Pike (both effective December 2025). With initial routine weekly production of n.c.a. Ac-225 achieved in Q4 2025 and FDA Drug Master File acceptance secured in Q2 2026, NorthStar is in the early commercial-ramp phase of its Ac-225 franchise while continuing to scale Cu-67 production and CDMO/CMO services, with site preparation complete for up to three additional mirror-image accelerator facilities on the Beloit campus. Additional R&D operations are located in two 10,000 sq ft facilities in Madison, Wisconsin.

Name

NorthStar Medical Radioisotopes

Legal name

NorthStar Medical Radioisotopes, LLC

Website

http://www.northstarnm.com/

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

251–500 employees

Short description

NorthStar Medical Radioisotopes is a privately held U.S. radiopharmaceutical company that produces non-uranium-based Actinium-225, Copper-67, and Molybdenum-99 medical radioisotopes using proprietary electron beam accelerators, and provides cGMP radiopharmaceutical CDMO/CMO services to biopharma developers, CDMOs, CROs, and major pharmaceutical companies in over 20 countries.

Ownership category

akta.pro rank

Product category

Radiopharmaceutical Manufacturing

NAICS

Pharmaceutical and Medicine Manufacturing (3254), Irradiation Apparatus Manufacturing (334517), Surgical Appliance and Supplies Manufacturing (339113)

SIC

Surgical & Medical Instruments & Apparatus (3841), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)

akta.pro primary industry

Therapeutic Radiopharmaceuticals (Radioligand/Targeted Radionuclide Therapy) (HLAIAGAB)

akta.pro secondary industries

Radioisotope Production (Reactor/Cyclotron/Gamma) (HLAIAGAD), Radiopharmaceutical CDMO & Manufacturing (GMP Fill-Finish) (HLAIAGAF), Radiopharmaceutical Manufacturing & CDMO (Synthesis, GMP, Packaging, QA/QC) (EUAKAIAC)

Keywords

• Medical radioisotope production
• Radiopharmaceutical contract manufacturing
• Actinium-225 supply
• Copper-67 isotopes
• Radiopharmaceutical CDMO services

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Radiopharmaceutical CDMO/CMO Services: Customized contract development and manufacturing services for radiopharmaceuticals across the product lifecycle — from R&D, scale-up, and process development through clinical trial (Phase I/II/III) manufacturing, cGMP production, and commercial supply. Includes radionuclide supply (internal production or external procurement), test methods/formulation, stability programs, packaging/labeling, technology transfer, and 24/7 logistics. R&D contract manufacturing services are currently available. Revenue mix appears dominated by contract/bespoke service fees rather than product sales.
2. Radioisotope Product Supply (Cu-67, Ac-225, Mo-99): Commercial-scale supply of non-carrier-added Ac-225 and Copper-67 radioisotopes to innovator companies, CDMOs, CROs, academic institutions, and major pharmaceutical organizations across more than 20 countries. Pricing not publicly disclosed; supplied under multi-year strategic supply agreements and master file-based transactions.
3. Federal Funding / Government Grants: Non-dilutive federal funding (e.g., $37M from U.S. DOE NNSA) to expand domestic Mo-99 production capabilities using non-uranium technology, supporting neutron capture and accelerator production programs.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

NorthStar Medical Radioisotopes is a vertically integrated radiopharmaceutical company that produces and commercially supplies non-uranium based therapeutic and diagnostic medical radioisotopes—primarily Actinium-225 (Ac-225), Copper-67 (Cu-67), and Molybdenum-99 (Mo-99)—using proprietary IBA Rhodotron TT300-HE electron beam accelerator technology. The company also operates a 52,000 sq ft, cGMP-compliant Radiopharmaceutical CDMO/CMO facility that provides customized contract development, manufacturing, and global logistics services to biopharmaceutical partners across the radiopharmaceutical product lifecycle.

Product overview

NorthStar Medical Radioisotopes is a vertically integrated radiopharmaceutical company offering a platform-plus-modules architecture centered on commercial-scale, non-uranium based radioisotope production and contract manufacturing services co-located on a single 55-acre campus in Beloit, Wisconsin. The core radioisotope products include Actinium-225 (Ac-225) and Copper-67 (Cu-67), produced via proprietary Rhodotron® TT300-HE electron beam accelerator technology, with Molybdenum-99 (Mo-99) representing the foundation of NorthStar's commercial radioisotope expertise. The CDMO/CMO services module provides customized radiopharmaceutical development, manufacturing, and commercialization support to biopharmaceutical partners. In-licensed products such as FibroScint (Tc-99m F4A) extend the diagnostic imaging pipeline, while collaborations with Monopar, Inhibrx, and YAP Therapeutics advance additional therapeutic radiopharmaceutical programs. Together, these products and services form a vertically integrated offering spanning isotope production, drug development, cGMP manufacturing, and global logistics for cancer diagnostics and therapy.

Differentiator

Problem solved

Functional benefit

Products and services

• Actinium-225 (Ac-225) Non-carrier-added (n.c.a.) Ac-225 produced commercially from radium-226 targets using NorthStar's proprietary electron beam accelerator technology; a therapeutic radioisotope supplied to biopharma developers, CDMOs, CROs, and academic institutions for use in radiopharmaceutical therapy targeting cancers including leukemia, prostate, brain, and neuroendocrine tumors.
• Copper-67 (Cu-67) Short-range, beta-emitting radioisotope with a 61.8-hour half-life, routinely produced from zinc-68 using NorthStar's electron beam accelerators; serves as the therapeutic companion to Cu-64 (diagnostic) and is supplied to therapeutic developers and Clarity Pharmaceuticals (under an exclusive U.S. supply agreement) for the treatment of adult and pediatric cancers.
• Molybdenum-99 (Mo-99) Environmentally preferable diagnostic radioisotope produced and commercialized by NorthStar as the parent isotope for technetium-99m (Tc-99m) used in medical imaging; represents the foundation of NorthStar's commercial radioisotope experience and is supported by the RadioGenix system.
• Radiopharmaceutical CDMO/CMO Services Patient-focused Radiopharmaceutical Contract Development and Manufacturing Organization (CDMO/CMO) services offering customized support to biopharmaceutical partners across the product lifecycle, including radionuclide supply, test methods, formulation, process development, scale-up, technology transfer, stability assessment, packaging/labeling, and dedicated 24/7 logistics across a 52,000 sq ft cGMP facility with EU-dedicated EudraLex Vol. 4 suite.
• FibroScint (Tc-99m F4A) Fibrin-targeted peptide compound labeled with technetium-99m (Tc-99m) for SPECT imaging of conditions such as Pulmonary Embolism (PE), Deep Vein Thrombosis (DVT), and Acute Coronary Syndrome (ACS); in-licensed product in development in collaboration with Capella Imaging.

Named customers18 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

23 partnerships are on record, tiered minor, core and flagship.

• Low Institute for TherapeuticsminorStrategic or Co-development Partner · 28 May 2026Partnership to advance novel radioligand therapy for cancer-associated bone disease (announced May 28, 2026).
• QSA GlobalcoreStrategic or Co-development Partner · 27 May 2026Multi-year strategic partnership to strengthen Actinium-225 supply chain for targeted alpha therapies (announced May 27, 2026).
• BIOEMTECHcoreStrategic or Co-development Partner · 17 February 2026Strategic supply agreement to ensure a reliable supply of Actinium-225 (Ac-225) for BIOEMTECH's preclinical radiopharmaceutical research, starting Q1 2026. Accelerates radiopharmaceutical development for BIOEMTECH's customers using high-resolution PET and SPECT imaging systems.
• Convergent TherapeuticsflagshipStrategic or Co-development Partner · 6 January 2026Expanded partnership to support late-stage clinical studies and commercial production of CONV01-α, an alpha-emitting radioantibody targeting metastatic castration-resistant prostate cancer. Co-located manufacturing facilities in Wisconsin focus on production of Ac-225 isotopes and drug products.
• YAP TherapeuticscoreStrategic or Co-development Partner · 1 January 2025Collaboration agreement for the development and production of radiopharmaceutical products aimed at treating cancer and other chronic diseases (early 2025).
• PDRadiopharma / PeptiDreamcoreStrategic or Co-development Partner · 1 January 2025Research and development agreement announced February 2025.
• Ariceum TherapeuticscoreStrategic or Co-development Partner · 1 January 2024Supply agreement for therapeutic radioisotope Actinium-225 (Ac-225), announced January 2025.
• Alpha-9 OncologycoreStrategic or Co-development Partner · 1 January 2024Strategic long-term agreement for supply of Actinium-225 (Ac-225).
• Cellectar BiosciencescoreStrategic or Co-development Partner · 1 January 2024Supply agreement for therapeutic radioisotope Actinium-225 (Ac-225).
• Clarity PharmaceuticalsflagshipOEM/ Whitelabel/ Licensing Partner · 1 January 2023NorthStar is the exclusive Cu-67 commercial supplier to Clarity Pharmaceuticals under a U.S. supply agreement. Supports Clarity's Targeted Copper Theranostics platform using chelators for treating neuroblastoma, breast, and prostate cancers (SECuRE trial cohort 2 image source).
• InhibrxcoreStrategic or Co-development Partner · 1 January 2023Strategic collaboration for cancer theranostic development. NorthStar entered into an agreement to select Inhibrx-designed single domain antibodies that bind with cancer cell receptors and with both therapeutic and diagnostic radioisotopes.
• BayerflagshipStrategic or Co-development Partner · 1 January 2023Executed supply agreement with Bayer for therapeutic radioisotope Actinium-225 (Ac-225).
• Point BiopharmaflagshipStrategic or Co-development Partner · 1 January 2023Supply agreement for therapeutic medical radioisotope Actinium-225 (Ac-225).
• Aktis OncologycoreStrategic or Co-development Partner · 1 January 2023Supply agreement for alpha-emitting therapeutic radioisotope Actinium-225 (Ac-225).
• Curie Therapeutics (Mariana Oncology)coreStrategic or Co-development Partner · 1 January 2023Priority access supply agreement for therapeutic radioisotope Actinium-225 (Ac-225).
• Radiopharm TheranosticscoreStrategic or Co-development Partner · 1 January 2023Supply agreement for non-carrier-added (n.c.a.) Actinium-225.
• Nucleus RadioPharmacoreStrategic or Co-development Partner · 1 January 2023Supply agreement for alpha-emitting therapeutic radioisotope Actinium-225 (Ac-225).
• Curadh MTRminorStrategic or Co-development Partner · 1 January 2023Strategic long-term supply agreement for therapeutic radioisotope Actinium-225.
• Monopar TherapeuticscoreStrategic or Co-development Partner · 1 January 202050:50 collaboration formed in early 2020 combining Monopar's uPAR binding agent (NMPR-101) with a therapeutic radioisotope such as Ac-225. Amended and extended in June 2024.
• Capella ImagingminorStrategic or Co-development PartnerCorporate/industry collaboration referenced on Investors page; FibroScint (Tc-99m F4A) is a fibrin-targeted peptide compound developed in collaboration.
• IBA (Ion Beam Applications)flagshipTechnology or IntegrationTechnology provider for the Rhodotron TT300-HE electron beam accelerators that NorthStar uses for Ac-225 and Cu-67 production.
• BWXT MedicalminorStrategic or Co-development PartnerListed as a corporate/industry collaboration on the Investors page (added August 2024).
• Society of Nuclear Medicine and Molecular Imaging (SNMMI) Value Initiative Industry AllianceminorGTM or Marketing PartnerIndustry alliance member referenced via SNMMI Value Initiative Industry Alliance logo on Investors page.

Scale indicators7 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Curium Pharma: Curium is one of the world's largest nuclear medicine companies, producing Mo-99/Tc-99m and other medical radioisotopes. It directly competes with NorthStar across the medical isotope supply value chain and is the most established non-uranium-alternative producer in the U.S./Europe.
• BWX Technologies (BWXT Medical): BWXT Medical produces medical radioisotopes including Tc-99m from Mo-99 and is actively developing Ac-225 production capacity, directly competing with NorthStar's therapeutic radioisotope platform. Listed on NorthStar's own investors page as a corporate/industry collaboration.
• PharmaLogic: PharmaLogic is a radiopharmaceutical CDMO/CMO and contract manufacturer operating PET manufacturing and distribution centers. It directly competes with NorthStar's 52,000 sq ft CDMO/CMO suite for outsourced radiopharmaceutical manufacturing business.
• PETNET Solutions (Siemens Healthineers): PETNET Solutions operates one of the largest PET radiopharmacy networks in North America and Europe, providing contract manufacturing and distribution of PET radiopharmaceuticals — directly comparable to NorthStar's CDMO/CMO and isotope distribution model.
• ITM Isotope Technologies Munich: ITM is a German radiopharmaceutical company producing medical radioisotopes (notably Lu-177) and offering CDMO services. It is one of the most direct European comparables to NorthStar's combined isotope-supply + CDMO model.

Broad incumbents

• IBA (Ion Beam Applications): IBA is the technology vendor supplying NorthStar's Rhodotron TT300-HE accelerators but is also a broader radiopharma player through its IBA RadioPharma Solutions division (cyclotrons, integrated PET centers). It is both an enabler of NorthStar's platform and a broader incumbent in radioisotope production.
• Lantheus Holdings: Lantheus is a leading radiopharmaceutical company focused on diagnostic and therapeutic agents. It overlaps with NorthStar's customer base (radiopharma developers) and competes for upstream isotope and CDMO relationships, although its model is more vertically integrated into finished drug products.
• Eckert & Ziegler: Eckert & Ziegler is a German-headquartered specialist in radioisotopes and radiopharma components, producing isotopes including Lu-177, Y-90, and others. It is a broad incumbent in the radiopharmaceutical supply space with overlapping capabilities to NorthStar's isotope product business.

Emerging players

• Telix Pharmaceuticals: Telix is a commercial-stage radiopharma company developing diagnostic and therapeutic radiopharmaceuticals. While Telix is more downstream (finished drug products) than NorthStar, both serve overlapping therapeutic areas and Telix represents both a potential customer and adjacent competitor for isotope demand.
• TerraPower: TerraPower, founded by Bill Gates, has publicly invested in actinium-225 production capability as a non-traditional entrant into medical radioisotopes. It represents a well-capitalized emerging competitor to NorthStar's Ac-225 production program, potentially compressing supply scarcity over time.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/northstar-medical-radioisotopes-llc

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors6 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NorthStar Medical Radioisotopes