Thor Medical
Thor Medical ASA is a Norwegian biopharmaceutical company that produces alpha-emitting radioisotopes (Thorium-228, Radium-224, Lead-212) for targeted alpha cancer therapy using a proprietary, reactor-free thorium separation process, supplying radiopharmaceutical developers and CDMOs through multi-year master supply agreements.
- Company typePublic
- Founded2017
- HeadquartersOslo, Norway
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What Thor Medical does
Thor Medical ASA is a Norwegian biopharmaceutical company founded in 2017 and listed on the Oslo Stock Exchange (ticker TRMED) that produces alpha-emitting radioisotopes — Thorium-228, Radium-224 and Lead-212 — for use in targeted alpha therapy for haematological and other cancers. Its core technology is a proprietary, trade-secret-protected separation process that extracts naturally occurring radioactive decay products from thorium-232 without requiring irradiation in nuclear reactors or charged particle accelerators, and uses a closed-loop reprocessing system that reuses all chemicals and radioactive materials while producing minimal waste. The platform effectively turns a single source material (thorium, with a 14 billion year half-life) into multiple medically relevant alpha emitters, two of which — Ra-224 and Pb-212 — are leading candidates for next-generation cancer therapy because alpha particles destroy cancer cells within less than 0.1 mm of range, enabling highly selective treatment of micrometastases.
The company operates a pilot production facility at Herøya Industrial Park in Norway, which has been producing alpha-emitting isotopes since 2024 and supplying them for research and early customer deliveries since 2025. Its first commercial-scale facility, AlphaOne, reached mechanical completion on time and on budget in April 2026 and is targeting production start in Q3 2026, with a planned 40% capacity expansion financed by a June 2025 capital raise. Thor Medical sells isotopes directly to radiopharmaceutical developers and biotech companies through multi-year master supply agreements — AdvanCell (NOK 150M over 5 years, expanded August 2025), RadioMedix (5-year supply from 2026), Nuclithera and Node Pharma — and to radiopharmaceutical CDMOs and integrated service providers such as Minerva Imaging and Eckert & Ziegler SE, which act as channel partners embedding Thor Medical's isotopes within broader development and manufacturing platforms. Customer segments are vertically aligned (radiopharmaceutical developers, CDMOs, and research/early-stage clinical developers), with the addressable radiotherapeutics market expected to reach approximately USD 20 billion by 2030.
Revenue mechanics are anchored on negotiated, multi-year supply contracts with committed purchasing volumes rather than transactional sales. Pricing is not publicly disclosed and contracts are individually negotiated; current reported revenue is negligible as the company is at the pilot-to-commercial transition, with the first material revenue inflection expected once AlphaOne commences commercial production. The company is led by CEO Jasper Kurth (formerly Bayer Radiology Nordic), CFO/COO Brede Ellingsæter, CTO Prof. Sindre Hassfjell, and Chairman John Andersen (CEO of founding shareholder Scatec Innovation AS, which holds 22.81% of shares as of 31 May 2026).
Thor Medical firmographics
Firmographics- Name
- Thor Medical
- Legal name
- Thor Medical ASA
- Website
- https://thormedical.com
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Thor Medical ASA is a Norwegian biopharmaceutical company that produces alpha-emitting radioisotopes (Thorium-228, Radium-224, Lead-212) for targeted alpha cancer therapy using a proprietary, reactor-free thorium separation process, supplying radiopharmaceutical developers and CDMOs through multi-year master supply agreements.
- Ownership category
- akta.pro rank
Thor Medical industry classification
Industry- NAICS
- Irradiation Apparatus Manufacturing (334517)
- SIC
- In Vitro & In Vivo Diagnostic Substances (2835)
- akta.pro primary industry
- Radioisotope Production (Reactor/Cyclotron/Gamma) (HLAIAGAD)
- akta.pro secondary industries
- Therapeutic Radiopharmaceuticals (Radioligand/Targeted Radionuclide Therapy) (HLAIAGAB), Radionuclide Supply Chain & Logistics (Shielding/Transport/Distribution) (HLAIAGAH)
Keywords
Where Thor Medical is headquartered
LocationHeadquarters
- HQ city
- Oslo
- HQ country
- Norway
- HQ region
- Europe
Offices2 records
Markets served
Thor Medical business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Infrastructure, Operations, Technology or R&D, Personnel, Supply Chain, Marketing or Sales
Revenue model
- Isotope product sales: Sale of alpha-emitting radioisotopes (Thorium-228, Radium-224, Lead-212) produced at the Herøya facility. Pilot operations since 2024 with product sales and delivery to leading industry players since 2025. Commercial-scale supply commences from AlphaOne in Q3 2026.
- Multi-year master supply agreements: Long-term, multi-year supply agreements with radiopharmaceutical developers, providing committed purchasing volumes. Example: expanded strategic master supply agreement with AdvanCell raising total purchasing commitment to NOK 150 million over five years. RadioMedix agreement also five years starting 2026.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Multi-year supply contracts with committed purchasing volumes (e.g., AdvanCell NOK 150M over 5 years) |
Go-to-market motion3 records
Distribution channels2 records
Marketing channels6 records
Thor Medical product offering
Product offeringCore offering
Thor Medical produces and supplies medical alpha-emitting radioisotopes — Thorium-228 (Th-228), Radium-224 (Ra-224), and Lead-212 (Pb-212) — for use in targeted alpha therapy for cancer. The isotopes are manufactured at the company's pilot facility and forthcoming AlphaOne commercial plant at Herøya Industrial Park in Norway using a proprietary process that separates naturally occurring radioactive decay products from thorium (Th-232) without requiring irradiation in nuclear reactors or charged particle accelerators. Products are sold to radiopharmaceutical developers, biotech firms, and CDMOs through multi-year master supply agreements.
Product overview
Thor Medical operates a single, vertically integrated production platform centered on a proprietary thorium-based process for manufacturing medical alpha-particle emitters used in targeted alpha therapy for cancer. The platform yields a portfolio of named isotope products — Thorium-228 (Th-228) as the parent feedstock, and the medical alpha-emitters Radium-224 (Ra-224) and Lead-212 (Pb-212) — all produced from the same underlying process and supplied to radiopharmaceutical developers. Production is anchored by the Pilot Production Facility at Herøya Industrial Park (operational since 2024) and the larger AlphaOne Production Facility (mechanical completion in April 2026, production start planned for Q3 2026), which together move the offering from pilot-scale qualification to scaled commercial supply.
Differentiator
Problem solved
Functional benefit
Brands
- AlphaOne: First commercial-scale production facility for alpha emitters, under development at Herøya Industrial Park in Norway; designed to scale production for commercial isotope delivery worldwide.
Quantifiable outcome
- Thorium-228 supply to AdvanCell increased by 50% under expanded strategic master supply agreement
- +4 more outcomes
Companies that use Thor Medical
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles2 records
Thor Medical technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Thor Medical partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered strategic european channel partner, flagship global channel partner, commercial partner, core commercial partner, flagship / core commercial partner and founding shareholder — strategic anchor.
- Minerva Imagingstrategic european channel partnerThor Medical signed a collaboration and supply agreement with Minerva Imaging, a Scandinavian integrated CRO and CDMO specialized in targeted radionuclide therapies. Under the agreement, Thor Medical will supply Lead-212 (Pb-212) to Minerva Imaging for preclinical use in radiopharmaceutical R&D. The collaboration aims to support broader access to lead-212-based therapies in the European market.
- Eckert & Zieglerflagship global channel partnerThor Medical signed a collaboration and supply agreement with Eckert & Ziegler SE, a world-leading specialist in isotope-related components, equipment and services for nuclear medicine and radiation therapy. Under the agreement, Thor Medical will initially supply Lead-212 (Pb-212) to Eckert & Ziegler for preclinical R&D. Both companies will also explore how to further integrate their complementary capabilities in isotope production and radiopharmaceutical manufacturing, with the aim of scaling up production capacity over time.
- Node Pharmacommercial partnerThor Medical entered a multiyear frame agreement with Node Pharma, a Norwegian radiopharmaceutical company, for the supply of Radium-224 (Ra-224) and Lead-212 (Pb-212) for preclinical use. The agreement follows successful product sample deliveries from Thor Medical's pilot facility at Herøya Industrial Park and supports Node Pharma's development pipeline for alpha-emitting therapies.
- RadioMedixcore commercial partnerThor Medical ASA and RadioMedix, Inc. entered into a five-year supply agreement for Thorium-228 starting in 2026. The agreement supports the development and commercialization of targeted alpha therapies for cancer, leveraging Thor Medical's environmentally friendly alpha-emitters.
- Nuclitheracommercial partnerThor Medical entered a supply agreement with Nuclithera for Thorium-228 to support the customer's radiopharmaceutical development pipeline.
- AdvanCellflagship / core commercial partnerThor Medical and AdvanCell expanded their strategic master supply agreement for Thorium-228, increasing supply by 50% and raising the total purchasing commitment from NOK 100 million to NOK 150 million over five years. Capacity expansion enabled by a planned 40% increase at Thor Medical's AlphaOne plant, financed by proceeds from its June 2025 capital raise. AdvanCell is accelerating its Lead-212 PSMA clinical program and has a strategic collaboration with Lilly announced in February 2025, both of which are expected to drive further demand for Thorium-228.
- Scatec Innovation ASfounding shareholder — strategic anchorScatec Innovation AS is the founding shareholder of Thor Medical (founded in 2017) and remains the largest shareholder with 22.81% ownership (as of 31 May 2026). Mr. John Andersen, CEO of Scatec Innovation AS, serves as Chairman of the Board of Thor Medical. Scatec Innovation AS is also the former employer of Thor Medical's CFO Brede Ellingsæter.
Scale indicators9 records
Recent moves8 records
Expansion highlights6 records
Thor Medical competitors and assessment
Company assessmentDirect peers
- NorthStar Medical Radioisotopes: US-based medical radioisotope producer supplying therapeutic and diagnostic isotopes (e.g., Mo-99, Cu-64, Cu-67, Ga-68) to radiopharmaceutical developers. Directly comparable to Thor Medical as a non-reactor-based isotope producer supplying the radiopharma supply chain.
- Curium Pharma: Global nuclear medicine company producing radiopharmaceutical isotopes and finished radiopharmaceuticals for SPECT, PET, and therapy. Operates large-scale isotope production facilities and serves the same downstream radiopharma developer customer base as Thor Medical.
- ARTBIO: Clinical-stage radiopharmaceutical company developing targeted alpha therapies using Pb-212. Highly comparable: directly overlaps in the alpha-emitter (Pb-212) space, and Thor Medical's CTO Prof. Sindre Hassfjell previously served as Director of generator development at ARTBIO.
- ITM Isotope Technologies Munich: German radiopharmaceutical group producing medical radioisotopes (Lu-177, Y-90, Ac-225 candidates) and developing targeted radionuclide therapies. Closely comparable as a vertically integrated medical isotope producer and radiotherapeutic developer serving a similar customer base.
- AdvanCell: Australian clinical-stage radiopharmaceutical company developing Pb-212-based targeted alpha therapies (notably PSMA program with Lilly partnership). Anchored on Thorium-228 sourced from Thor Medical; directly comparable as a downstream customer-developer in the same alpha-emitter value chain.
Broad incumbents
- Eckert & Ziegler SE: World-leading specialist in isotope-related components, equipment and services for nuclear medicine and radiation therapy. Also a commercial channel partner for Thor Medical (supply agreement for Pb-212), making it both a peer (broad incumbent in isotope production) and a customer.
- Telix Pharmaceuticals: Commercial-stage radiopharmaceutical company with approved imaging agents and an expanding therapeutic pipeline. Broad incumbent operating across multiple isotopes and indications; relevant comparable for scale, distribution model, and radiopharma market dynamics.
- Lantheus Holdings: US radiopharmaceutical leader with approved diagnostic and therapeutic agents (e.g., Pylarify, Definity). Broad incumbent providing a benchmark for radiopharmaceutical commercial economics, sales channels, and isotope sourcing strategy relevant to Thor Medical's downstream customers.
- Bayer AG (Radiology / Xofigo): Global pharma incumbent with significant radiopharmaceutical and alpha-emitter exposure through the acquisition of Algeta ASA (Xofigo, Ra-223). Relevant comparable as a broad incumbent in therapeutic radiopharmaceuticals; Thor Medical's CEO Jasper Kurth was previously GM of Bayer's Nordic Radiology division.
Emerging players
- Clarity Pharmaceuticals: Australian clinical-stage radiopharmaceutical company developing targeted radiopharmaceuticals using Cu-64/Cu-67 and other isotopes for cancer therapy. Comparable as an emerging player in the therapeutic radiopharmaceutical space, and Thomas Ramdahl (Thor Medical board member) also sits on Clarity's board.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Thor Medical social profiles
Digital presenceThor Medical financial estimates
Financial estimateRevenue estimate
Valuation estimate
Thor Medical leadership team
Management profileNumber of profiles
Thor Medical funding detail
Funding detailFunding overview
Funding rounds5 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Thor Medical 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 Thor Medical
What does Thor Medical do?
Thor Medical produces and supplies medical alpha-emitting radioisotopes — Thorium-228 (Th-228), Radium-224 (Ra-224), and Lead-212 (Pb-212) — for use in targeted alpha therapy for cancer. The isotopes are manufactured at the company's pilot facility and forthcoming AlphaOne commercial plant at Herøya Industrial Park in Norway using a proprietary process that separates naturally occurring radioactive decay products from thorium (Th-232) without requiring irradiation in nuclear reactors or charged particle accelerators. Products are sold to radiopharmaceutical developers, biotech firms, and CDMOs through multi-year master supply agreements.
Is Thor Medical a public or private company?
Thor Medical is a public company. It is currently operating.
When was Thor Medical founded?
Thor Medical was founded in 2017. It employs 1 to 10 people.
Where is Thor Medical based?
Thor Medical is headquartered in Oslo, Norway, in the Europe region.
How does Thor Medical make money?
Two revenue lines are on record. Isotope product sales are the primary driver. The others are multi-year master supply agreements.
Who are Thor Medical's main competitors?
Direct peers on record are NorthStar Medical Radioisotopes, Curium Pharma, ARTBIO, ITM Isotope Technologies Munich and AdvanCell. Broad incumbents are Eckert & Ziegler SE, Telix Pharmaceuticals, Lantheus Holdings and Bayer AG (Radiology / Xofigo). Clarity Pharmaceuticals is listed as an emerging player.
Does Thor Medical have an API?
No public API is recorded for Thor Medical.
What industry is Thor Medical in?
Its primary akta.pro industry code is HLAIAGAD, Radioisotope Production (Reactor/Cyclotron/Gamma), with a secondary code of HLAIAGAB, Therapeutic Radiopharmaceuticals (Radioligand/Targeted Radionuclide Therapy). Its NAICS code is 334517 and its SIC code is 2835.