Evergreen Theragnostics
Evergreen Theragnostics was a radiopharmaceutical CDMO operating a 14,000 sq ft GMP facility in Springfield, NJ, providing contract manufacturing and proprietary theranostic products (OCTEVY, EVG321) to pharmaceutical and biotech companies developing cancer radiopharmaceuticals.
- Company typePrivate
- Founded2019
- HeadquartersJersey City, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Evergreen Theragnostics does
Evergreen Theragnostics was a privately held radiopharmaceutical Contract Development and Manufacturing Organization (CDMO) founded in 2019 and headquartered in Springfield, New Jersey. The company operated a 14,000 square foot GMP-compliant facility featuring seven commercial-scale production suites licensed for a broad portfolio of diagnostic and therapeutic isotopes, including Ac-225, At-211, Pb-212, Th-227, Cu-64, Cu-67, Ga-68, Lu-177, I-131, and others, plus a dedicated alpha emitter production center built in partnership with Tema Sinergie. Evergreen served pharmaceutical and biotechnology companies developing oncology radiopharmaceuticals, providing end-to-end services spanning radiochemistry development, analytical method development, tech transfer, early- and late-stage clinical manufacturing, commercial-scale supply, and QA/QC and logistics, with a strategic location 15 minutes from Newark International Airport supporting just-in-time delivery of short-half-life products.
The company's business model combined CDMO service fees from clients such as Precirix, Molecular Targeting Technologies (MTTI), Clovis Oncology, Clarity Pharmaceuticals, and Cellectar Biosciences with proprietary product development and licensing revenue. Evergreen's proprietary pipeline included OCTEVY (Ga-68 DOTATOC Injection), a registrational-stage PET diagnostic for somatostatin receptor-positive neuroendocrine tumors, and EVG321, a CCK2R-targeted radioligand therapy licensed from the Medical University of Innsbruck for small cell lung cancer, developed as a Lu-177 therapeutic and Ga-68 diagnostic theranostic pair. A subsidiary, Evergreen Discovery (launched 2023 near Princeton, NJ), focused on novel radiopharmaceutical drug discovery, including a peptide-discovery collaboration with Orbit Discovery. Distribution of OCTEVY was supported through a June 2023 agreement with Jubilant DraxImage for U.S. PET customers.
Over its independent life, Evergreen raised approximately $50 million across three funding rounds, including a $15M Series B (March 2023) and a $26M Series B (April 2024) led by Petrichor and LIFTT. In January 2025, Lantheus Holdings announced a definitive agreement to acquire Evergreen for $250 million upfront plus up to $752.5 million in development and sales milestone payments tied to OCTEVY and the broader pipeline, with closing expected in the second half of 2025. The acquisition positions the combined entity as a fully integrated radiopharmaceutical company spanning manufacturing, diagnostics, and therapeutics.
Evergreen Theragnostics firmographics
Firmographics- Name
- Evergreen Theragnostics
- Legal name
- Evergreen Theragnostics Inc.
- Website
- https://evergreentgn.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- Evergreen Theragnostics was a radiopharmaceutical CDMO operating a 14,000 sq ft GMP facility in Springfield, NJ, providing contract manufacturing and proprietary theranostic products (OCTEVY, EVG321) to pharmaceutical and biotech companies developing cancer radiopharmaceuticals.
- Ownership category
- akta.pro rank
Evergreen Theragnostics industry classification
Industry- Product category
- Radiopharmaceutical CDMO Services
- NAICS
- Pharmaceutical and Medicine Manufacturing (3254), Scientific Research and Development Services (5417)
- SIC
- Services-Commercial Physical & Biological Research (8731), Surgical & Medical Instruments & Apparatus (3841)
- akta.pro primary industry
- Radiopharmaceutical CDMO & Manufacturing (GMP Fill-Finish) (HLAIAGAF)
- akta.pro secondary industries
- Radiopharmaceutical Manufacturing & CDMO (Synthesis, GMP, Packaging, QA/QC) (EUAKAIAC), Drug Substance–Drug Product Integrated CDMO (HLAGABAG)
Keywords
Where Evergreen Theragnostics is headquartered
LocationHeadquarters
- HQ city
- Jersey City
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Evergreen Theragnostics business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Supply Chain, Marketing or Sales
Revenue model
- CDMO Manufacturing Services: Contract Development and Manufacturing Organization services for therapeutic and diagnostic radiopharmaceuticals. Services include manufacturing development, analytical method development, early-stage clinical manufacturing (Phase I/II), late-stage and commercial supply manufacturing, tech transfer, quality assurance/control, and logistics. Revenue generated from service fees across drug development lifecycle.
- Product Commercialization: Commercialization of proprietary radiopharmaceutical products including OCTEVY, a PET diagnostic agent for neuroendocrine tumors. Revenue from product sales once regulatory approvals are obtained.
- Licensing and Milestone Payments: Revenue from licensing proprietary technologies and pipeline products (EVG321) with potential milestone payments tied to clinical and regulatory achievements.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
Evergreen Theragnostics product offering
Product offeringCore offering
Evergreen Theragnostics is a contract development and manufacturing organization (CDMO) that provides end-to-end radiopharmaceutical manufacturing services for therapeutic and diagnostic agents, from radiochemistry development and analytical method development through early-stage clinical manufacturing to commercial-scale supply. The company also develops and commercializes proprietary theranostic products including OCTEVY (Ga-68 DOTATOC) for neuroendocrine tumor imaging and EVG321 for small cell lung cancer, leveraging a 14,000 sq ft GMP facility with seven commercial-scale production suites and dedicated alpha emitter capabilities.
Product overview
Evergreen Theragnostics operates as a radiopharmaceutical company with three core business units: CDMO services (contract development and manufacturing), proprietary product development/commercialization, and drug discovery (via Evergreen Discovery). The primary proprietary product is OCTEVY™ (Ga-68 DOTATOC), a registrational-stage PET diagnostic agent for neuroendocrine tumors that can function as a theranostic pair with Lantheus' PNT2003 therapeutic. The company is also advancing EVG321, a novel radioligand therapy targeting CCK2R in small cell lung cancer, available as both a 68Ga diagnostic and 177Lu therapeutic agent (theranostic pair). Evergreen Discovery focuses on first-in-class radiopharmaceutical discovery. The CDMO arm offers end-to-end manufacturing across a wide range of diagnostic and therapeutic isotopes (Ga-68, Lu-177, Cu-64, Cu-67, Ac-225, I-131, and more) from its Springfield, NJ GMP facility with seven production suites and dedicated alpha capabilities. The company was acquired by Lantheus in 2025 for up to $1 billion ($250M upfront + up to $752.5M milestones).
Differentiator
Problem solved
Functional benefit
Products and services
- CDMO Services (Contract Development and Manufacturing) End-to-end contract development and manufacturing services for radiopharmaceuticals, including radiochemistry development, early- and late-stage clinical manufacturing, commercial-scale manufacturing, alpha therapy manufacturing, technology transfer, analytical method development, QA/QC, and logistics. Services span a wide range of diagnostic and therapeutic isotopes including Ga-68, Lu-177, Cu-64, Cu-67, Ac-225, I-131, and others, serving pharmaceutical and biotech companies developing radiopharmaceuticals for cancer treatment and diagnostics.
- OCTEVY™ (Ga-68 DOTATOC Injection) A registrational-stage PET diagnostic agent for the localization of somatostatin receptor-positive neuroendocrine tumors in adult and pediatric patients. Uses Gallium-68 labeled DOTATOC for PET imaging, designed to function as a theranostic pair with therapeutic agents. The product is targeted for commercialization as Evergreen's first proprietary diagnostic product.
- EVG321 A novel radioligand therapy targeting the cholecystokinin 2 receptor (CCK2R) for small cell lung cancer. Available as a theranostic pair with both a therapeutic agent (Lutetium-177 EVG-321) and a diagnostic agent (Gallium-68 EVG-321). Licensed from Medical University of Innsbruck and in clinical development with the CCK2-VIEW Phase II trial open in the EU.
Quantifiable outcome
- 7 commercial-scale production suites for radiopharmaceutical manufacturing
- +2 more outcomes
Companies that use Evergreen Theragnostics
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles1 record
Evergreen Theragnostics technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Evergreen Theragnostics partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core.
- Medical University of InnsbruckcoreLicensing and collaboration agreement for EVG321, a novel radioligand therapy targeting CCK2R for small cell lung cancer. The university's research groups led by Univ. Prof. Dr. Irene Virgolini and Priv. Doz. Dr. Elisabeth von Guggenberg are key innovators in the RLT field.
- Jubilant DraxImage Inc.coreDistribution agreement for the preparation, sale, and distribution of OCTEVY (Ga-68 DOTATOC Injection) doses to PET customers across the United States. This partnership enables broad market access for Evergreen's diagnostic product.
- Orbit DiscoverycoreCollaboration between Evergreen Discovery and Orbit Discovery to identify specific cell targeting peptides for novel radiopharmaceuticals. Leverages Orbit's peptide display technologies and FACS-based screening methodologies.
- Clovis OncologycoreDevelopment and manufacturing services agreement for Actinium-225-Labeled FAP-2286 (225Ac-FAP-2286), a targeted radiotherapeutic. Evergreen develops radiolabeling chemistry and analytical methods for potential preclinical and clinical studies at its Springfield, NJ facility.
- Molecular Targeting Technologies (MTTI)coreEvergreen manufactures MTTI's EvaThera platform of radiopharmaceuticals including EBTATE (targeting neuroendocrine tumors) and EBRGD (targeting integrin expressing cancers like glioblastoma). Evergreen provides supply chain management from isotope sourcing to drug delivery at clinical trial sites.
- Clarity PharmaceuticalscoreTargeted Copper Theranostics manufacturing agreement for Cu-64 and Cu-67 based products including SAR-Bombesin (pan-cancer diagnostic/therapeutic) and SARTATE (neuroblastoma). Expanded in August 2022 to include 67Cu SAR-Bombesin for prostate cancer trials.
- Cellectar BiosciencescoreCommercial manufacturing and supply agreement for iopofosine I-131 (CLR-131) for clinical studies in Waldenstrom's macroglobulinemia and multiple myeloma, as well as long-term commercial supply upon approval.
- PrecirixcoreManufacturing partnership for CAM-H2, a single-domain antibody radiopharmaceutical targeting HER2-positive cancers labeled with I-131. Evergreen produces clinical trial batches for Phase I/II trial expansion to US.
Scale indicators8 records
Recent moves10 records
Expansion highlights6 records
Evergreen Theragnostics competitors and assessment
Company assessmentDirect peers
- Cardinal Health Nuclear & Precision Health Solutions: Distributes and manufactures radiopharmaceuticals for hospitals and clinics across the US, with extensive nuclear pharmacy and manufacturing infrastructure. Comparable CDMO/distribution peer with overlapping diagnostic radiopharma services.
- Curium: One of the largest global radiopharmaceutical CDMOs, offering GMP manufacturing and distribution of diagnostic and therapeutic radiopharmaceuticals. Directly comparable to Evergreen as a multi-isotope CDMO serving pharma and biotech customers.
- NorthStar Medical Radioisotopes: US-based radiopharmaceutical isotope production and CDMO platform focused on therapeutic and diagnostic radioisotopes including Mo-99, Cu-67, and others. Comparable as a US-focused radiopharma manufacturer and CDMO.
- PETNET Solutions (Siemens Healthineers): Operates a large network of PET radiopharmaceutical manufacturing and distribution centers across the US and globally. Closely comparable to Evergreen's Ga-68 and other diagnostic radiopharma CDMO operations and distribution model.
Emerging players
- Telix Pharmaceuticals: Developer and manufacturer of diagnostic and therapeutic radiopharmaceuticals, with in-house manufacturing for several commercial and late-stage programs. Comparable in isotope platform (Lu-177, Ga-68, I-131) and radiopharma commercialization focus.
Broad incumbents
- Lantheus Holdings: Parent company of Evergreen Theragnostics since January 2025 and a leading radiopharmaceutical company with commercial diagnostic products and a therapeutic pipeline (PNT2003). Now both acquirer and broader incumbent integrating Evergreen's CDMO platform.
- Bayer (Radiology / Algeta heritage): Pharmaceutical conglomerate with significant radiopharmaceutical interests including Xofigo (Ra-223) and ongoing investments in targeted radionuclide therapy. Comparable as a large incumbent with therapeutic radiopharma manufacturing.
- Bracco Imaging: Global diagnostic imaging company with radiopharmaceutical manufacturing capabilities and a broad contrast/radiopharma portfolio. Overlaps with Evergreen's diagnostic imaging and CDMO offerings as a larger diversified incumbent.
Regional players
- ARTMS / BWXT Medical: Producer of medical radioisotopes (including Tc-99m, Ga-68, Cu-64) and related CDMO services for radiopharmaceutical developers. Comparable to Evergreen's isotope-focused manufacturing and supply capabilities.
Others
- Clarity Pharmaceuticals: Clinical-stage radiopharmaceutical developer (Cu-64/Cu-67 SAR-Bombesin, SARTATE) that has used Evergreen as its US CDMO. Adjacent peer representing the biotech customer category Evergreen serves.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Evergreen Theragnostics social profiles
Digital presenceEvergreen Theragnostics financial estimates
Financial estimateRevenue estimate
Valuation estimate
Evergreen Theragnostics leadership team
Management profileNumber of profiles
Profiles4 records
Evergreen Theragnostics subsidiaries and ownership
Company hierarchySubsidiaries1 record
Evergreen Theragnostics funding detail
Funding detailFunding overview
Funding rounds3 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Evergreen Theragnostics M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Evergreen Theragnostics
What does Evergreen Theragnostics do?
Evergreen Theragnostics is a contract development and manufacturing organization (CDMO) that provides end-to-end radiopharmaceutical manufacturing services for therapeutic and diagnostic agents, from radiochemistry development and analytical method development through early-stage clinical manufacturing to commercial-scale supply. The company also develops and commercializes proprietary theranostic products including OCTEVY (Ga-68 DOTATOC) for neuroendocrine tumor imaging and EVG321 for small cell lung cancer, leveraging a 14,000 sq ft GMP facility with seven commercial-scale production suites and dedicated alpha emitter capabilities.
Is Evergreen Theragnostics a public or private company?
Evergreen Theragnostics is a private company. It is classified as corporate owned and is currently acquired.
When was Evergreen Theragnostics founded?
Evergreen Theragnostics was founded in 2019. It employs 11 to 50 people.
Where is Evergreen Theragnostics based?
Evergreen Theragnostics is headquartered in Jersey City, United States, in the North America region.
How does Evergreen Theragnostics make money?
Three revenue lines are on record. CDMO Manufacturing Services are the primary driver. The others are product Commercialization and licensing and Milestone Payments.
Who are Evergreen Theragnostics's main competitors?
Direct peers on record are Cardinal Health Nuclear & Precision Health Solutions, Curium, NorthStar Medical Radioisotopes and PETNET Solutions (Siemens Healthineers). Telix Pharmaceuticals is listed as an emerging player. Broad incumbents are Lantheus Holdings, Bayer (Radiology / Algeta heritage) and Bracco Imaging. ARTMS / BWXT Medical is listed as a regional player. Clarity Pharmaceuticals is listed as an others.
Does Evergreen Theragnostics have an API?
No public API is recorded for Evergreen Theragnostics.
What industry is Evergreen Theragnostics in?
Evergreen Theragnostics's product category is Radiopharmaceutical CDMO Services. Its primary akta.pro industry code is HLAIAGAF, Radiopharmaceutical CDMO & Manufacturing (GMP Fill-Finish), with a secondary code of EUAKAIAC, Radiopharmaceutical Manufacturing & CDMO (Synthesis, GMP, Packaging, QA/QC). Its NAICS code is 3254 and its SIC code is 8731.