The Cyclotron Center

What The Cyclotron Center does

The Cyclotron Center, legally Norsk medisinsk syklotronsenter AS (NMS), is a Norwegian state-owned radiopharmaceutical manufacturer founded in 2003 and headquartered in Oslo. The company operates Norway's only cyclotron facility for medical isotope production, co-located at Rikshospitalet, where it irradiates stable isotopes (notably O-18 water supplied by Taiyo Nippon Sanso) to produce short-lived radioactive isotopes such as F-18 and O-15. These isotopes are used to manufacture radiopharmaceutical products for PET diagnostic imaging, including FDG (SteriPET), Flutemetamol, Natriumfluorid (18F), PSMA-1007, and Axumin/Fluciclovine (18F), which are applied in cancer, neurological, cardiovascular, and inflammatory disease diagnosis. The company also operates a theranostics platform combining diagnostic and therapeutic radioisotopes (alpha/beta emitters) for cancer treatment research.

The business operates across three revenue streams: (1) direct supply of radiopharmaceuticals to hospitals in Norway and Sweden under contract manufacturing arrangements, supplying nearly all of the South-East Health region (Helse Sør-Øst) of Norway; (2) contract manufacturing for global Marketing Authorization Holders including GE Healthcare (SteriPET, Flutemetamol) and Blue Earth Diagnostics (Axumin/Fluciclovine); and (3) preclinical CRO services through the OITL subsidiary (Oslo Imaging and Therapy Laboratory), established in 2021 at the University of Oslo, offering multimodal imaging (PET, SPECT, optical, CT) and radiopharmaceutical development services. Additional services include GMP quality control method development, routine QC analyses, radiation protection, product development, stability studies, synthesis cassette testing, and mobile PET.

NMS is owned by three Norwegian public institutions: Oslo University Hospital HF, Akershus University Hospital HF, and the University of Oslo, making it a government-controlled healthcare infrastructure entity rather than a venture-backed or privately-held company. The company holds a joint venture interest in European Radiopharmacy Technology (ERT GmbH) in Germany with Sykam Group and Blue Ribbon Partners. Strategic initiatives include the OPP Project to double production capacity by 2030 and plans for a stable isotope factory targeting European export markets. Distribution is constrained by the short shelf life of radiopharmaceuticals, which structurally limits competition and underpins NMS's regional near-monopoly position.

Name

The Cyclotron Center

Legal name

Norsk medisinsk syklotronsenter AS

Website

https://syklotronsenteret.no

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

The Cyclotron Center (Norsk medisinsk syklotronsenter AS) is a Norwegian state-owned radiopharmaceutical manufacturer that operates the country's only medical cyclotron, producing short-lived PET imaging agents for hospitals in Norway and Sweden and contract manufacturing for global MAHs.

Ownership category

akta.pro rank

Product category

Radiopharmaceutical Manufacturing

NAICS

In-Vitro Diagnostic Substance Manufacturing (325413), Pharmaceutical and Medicine Manufacturing (3254), Scientific Research and Development Services (5417), Medical Laboratories (621511)

SIC

In Vitro & In Vivo Diagnostic Substances (2835), Pharmaceutical Preparations (2834), Wholesale-Medical, Dental & Hospital Equipment & Supplies (5047), Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Radioisotope Production (Reactor/Cyclotron/Gamma) (HLAIAGAD)

akta.pro secondary industries

Medical Radioisotope Production (Reactor/Cyclotron, Mo-99/Tc-99m, I-131, Lu-177, etc.) (EUAKAIAA), Radionuclide Supply Chain & Logistics (Shielding/Transport/Distribution) (HLAIAGAH), Nuclear Medicine Imaging Tracers & PET/SPECT Supply Chain (FDG, Ga-68, logistics/cold chain) (EUAKAIAE), Nuclear Medicine Imaging Agents & Kits (Cold Kits/Precursors) (HLAIAGAG)

Keywords

• Radiopharmaceutical manufacturing
• PET imaging agents
• Cyclotron production
• Contract research services
• GMP pharmaceutical production

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Radiopharmaceutical Manufacturing for Hospitals: NMS develops and produces short-lived radioactive pharmaceutical products (radiopharmaceuticals) for use in PET scans. Products are supplied to hospitals in Norway and Sweden under contract manufacturing arrangements. The company accounts for nearly all production of radiopharmaceuticals used in the South-East Health region of Norway. Radiopharmaceuticals have a very short shelf life, requiring local production.
2. Contract Manufacturing (Third-Party MAH Products): NMS manufactures radiopharmaceuticals under contract for Marketing Authorization Holders (MAH). Examples include manufacturing SteriPET (Fludeoxyglucose 18F) and Flutemetamol (18F) for GE Healthcare, and Axumin/Fluciclovine (18F) for Blue Earth Diagnostics Ltd. Revenue is derived from contract manufacturing fees.
3. Contract Research Organization Services (OITL): OITL (Oslo Imaging and Therapy Laboratory), a multidisciplinary CRO established in 2021 as part of NMS R&D division, provides preclinical services supporting all stages of radiopharmaceutical development from early-stage discovery to clinical application. Services include target identification and validation, synthesis, screening and optimization, and preclinical model development and validation.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

The Cyclotron Center (Norsk medisinsk syklotronsenter AS / NMS) develops and produces short-lived radioactive pharmaceutical products (radiopharmaceuticals) for PET diagnostic imaging, including Fluorodeoxyglucose (18F), Flutemetamol (18F), Natriumfluorid (18F), PSMA-1007 (18F), Oxygen-15 (15O), and Axumin/Fluciclovine (18F). The company supplies these radiopharmaceuticals to hospitals in Norway and Sweden under contract manufacturing arrangements and operates the Oslo Imaging and Therapy Laboratory (OITL), a multidisciplinary CRO providing preclinical radiopharmaceutical development services.

Product overview

The Cyclotron Center (Norsk medisinsk syklotronsenter AS / NMS) operates as a radiopharmaceutical manufacturer and contract research organization. The company develops and produces short-lived radioactive pharmaceutical products (radiopharmaceuticals) for PET imaging diagnostics, including Fluorodeoxyglucose (18F), Flutemetamol (18F), Natriumfluorid (18F), PSMA-1007 (18F), Oxygen-15 (15O), and Axumin/Fluciclovine (18F). The product portfolio is complemented by the Oslo Imaging and Therapy Laboratory (OITL), a multidisciplinary CRO providing preclinical radiopharmaceutical development and multimodal imaging services. NMS also offers a range of services including GMP quality control method development, routine quality control analyses, radiation protection, product development, stability studies, synthesis cassette testing, and mobile PET services. The company supplies radiopharmaceuticals to hospitals in Norway and Sweden, serving nearly all production needs in the South-East Health region.

Differentiator

Problem solved

Functional benefit

Products and services

• SteriPET (Fluorodeoxyglucose 18F)

Quantifiable outcome

• Supplies nearly all radiopharmaceuticals used in South-East Health region of Norway
• +2 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• European Radiopharmaceutical Technologies Consortium (ERT) / ERT GmbHcoreStrategic or Co-development PartnerNMS participates in a joint venture called European Radiopharmacy technology (ERT), operating as ERT GmbH. ERT is a partnership between the German industry supplier Sykam Group, the Norwegian State Medical Cyclotron Operator (NMS), and the German venture-builder Blue Ribbon Partners. The consortium brings together key European stakeholders in the radiopharmaceutical, nuclear, medical, and entrepreneurial ecosystem.
• GE Healthcare (Marketing Authorization Holder)coreStrategic or Co-development PartnerNMS manufactures SteriPET (Fluorodeoxyglucose 18F) and Flutemetamol (18F) under contract for Marketing Authorization Holder GE Healthcare. Products are used in PET diagnostic imaging.
• Blue Earth Diagnostics Ltd. (Marketing Authorization Holder)coreStrategic or Co-development PartnerNMS manufactures Axumin/Fluciclovine (18F) and Fluciclovine (18F) for clinical studies under contract for Marketing Authorization Holder Blue Earth Diagnostics Ltd. Products are used in PET diagnostic imaging.
• University of Oslo (UiO)coreStrategic or Co-development PartnerNMS collaborates with the University of Oslo on research projects related to the diagnosis and treatment of cancer, neurological, and cardiovascular diseases. OITL is located at Domus Medica at the Institute of Basal Medicine at UiO. R&D team collaborates with the Research Group for Pharmaceutical Chemistry led by Prof. Trond Vidar Hansen.
• Oslo University HospitalcoreStrategic or Co-development PartnerNMS collaborates with Oslo University Hospital on projects related to the diagnosis and treatment of cancer, neurological, and cardiovascular diseases.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• GE HealthCare (PET tracers / contract manufacturing): GE HealthCare is both an NMS MAH partner and a leading global PET-tracer manufacturer (e.g., Vizamyl/Flutemetamol). Direct overlap on FDG and Flutemetamol (18F) contract manufacturing, comparable cyclotron-based production model, and overlapping hospital customer base.
• Curium Pharma: Curium is one of the world's largest radiopharmaceutical manufacturers producing SPECT and PET tracers globally. Highly comparable in product portfolio (FDG, neuro tracers) and contract manufacturing model serving hospitals.
• PETNET Solutions (Siemens Healthineers): PETNET operates a global network of cyclotron-equipped radiopharmacies producing FDG and specialty PET tracers. Closely comparable in business model (cyclotron-to-hospital FDG production, contract manufacturing) and target customers.
• Telix Pharmaceuticals: Telix develops and manufactures PSMA and other theranostic radiopharmaceuticals. Closely comparable to NMS's PSMA-1007 and theranostics platform strategy, and competes with NMS-supplied tracers in prostate cancer imaging.
• Blue Earth Diagnostics (Bracco): Blue Earth Diagnostics, a Bracco subsidiary, is an MAH partner of NMS (Axumin/Fluciclovine 18F) and a specialized prostate-cancer radiopharmaceutical company. Direct overlap on Fluciclovine manufacturing and theranostics-adjacent imaging agents.

Broad incumbents

• Lantheus Holdings: Lantheus is a larger, diversified radiopharmaceutical/contrast imaging company producing SPECT agents, PET tracers, and radiotheranostics. Overlaps with NMS on FDG and PSMA imaging franchise and theranostics positioning, with broader commercial scale.
• Advanced Accelerator Applications (Novartis): AAA, a Novartis subsidiary, is a global leader in radioligand therapy (Lutathera, Pluvicto) and PET tracers. Overlaps with NMS on theranostics strategy and isotope production infrastructure at much larger scale.
• IBA (Ion Beam Applications): IBA manufactures cyclotrons and operates radiopharma production solutions globally. Highly comparable to NMS on cyclotron technology platform and PET/SPECT isotope production; NMS is a customer-equivalent in the cyclotron ecosystem.
• Cardinal Health (Nuclear Pharmacy Services): Cardinal Health operates one of the largest U.S. nuclear pharmacy networks distributing radiopharmaceuticals to hospitals. Comparable distribution network and hospital customer base; NMS operates the Nordic equivalent at smaller scale.
• Bracco Imaging: Bracco is a global imaging agent manufacturer with a portfolio spanning contrast media and radiopharmaceuticals (including Blue Earth Diagnostics). Comparable to NMS in imaging-agent manufacturing and PET contrast applications.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/syklotronsenteret/?originalSubdomain=no

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

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

Frequently asked questions about The Cyclotron Center