The acquisition of Mariana will complement Novartis’s lutetium-based radioligand therapies with candidates using actinium. Lilly, Bristol and AstraZeneca all have made recent high-priced buys in the space.

The market for new company creation in the biopharma sector remains healthy and poised to continue fostering the establishment of start-ups, based on a new In Vivo study of the strong initial investments that pharma and biotech companies receive.

Novartis’s PSMA-targeted radioligand has improved overall survival and progression-free survival in top-line results from the Phase III VISION study in prostate cancer, cementing the company's pioneering role in the therapeutic area.

Theragnostics’ CEO Greg Mullen aims to use his wide-ranging “hands-on” scientific and commercial experience to help clinch a $45m series A financing round that will fund a Phase I/II basket study to develop the biotech’s lead radiotherapeutic PARP inhibitor.