EQT Life Sciences Leads EUR 93M Series A in PanTera to Boost Global Actinium-225 Production

EQT Life Sciences has spearheaded a significant EUR 93 million Series A funding round for PanTera, a Belgian company specializing in radioisotope production. This round, which was oversubscribed, brings PanTera's total funding to EUR 134 million, including additional equity and debt financing. The investment round also saw participation from Kurma Partners, Eurazeo, Korys, Paladin, and PMV. Additionally, IBA, a leader in particle accelerator technology, and the Belgian sovereign fund SFPIM will convert EUR 7.2 million in convertible loans into equity.

Founded in 2022, PanTera aims to produce actinium-225 (225Ac) on a commercial scale to support a new category of targeted cancer treatments called Targeted Alpha Therapy. The recently secured funds will be utilized primarily for the construction of a cutting-edge production facility in Belgium. Targeted Alpha Therapy is an innovative cancer treatment method that uses radioisotopes emitting high-energy alpha particles to deliver localized radiation to cancer cells, thereby minimizing damage to surrounding healthy tissues. Among these radioisotopes, 225Ac is considered the most promising. Due to its growing demand for clinical trials and potential therapeutic applications, a reliable and scalable production method for 225Ac is essential, but the complex nuclear infrastructure required has led to a global shortage.

PanTera is addressing this shortage through its unique, patented photo-nuclear "gamma" production process, which transforms Radium-226 (226Ra) into Radium-225 (225Ra), subsequently decaying into 225Ac. This method ensures a stable, high-quality supply of 225Ac, essential for both ongoing clinical trials and future commercial radiopharmaceutical therapies anticipated to hit the market by 2028-2029. By 2029, PanTera aims to produce over 100 Curies (Ci) of clinical-grade 225Ac annually, sufficient to treat more than 100,000 patients each year. The company's strategic use of SCK CEN's extensive stockpile of pure 226Ra and IBA's Rhodotron® electron accelerator positions it as a reliable producer of this critical medical isotope.

In addition to its long-term production goals, PanTera is already supplying early quantities of 225Ac through an alternative production method, in collaboration with TerraPower Isotopes. From early 2025, PanTera expects to produce 1.5-2 Ci of 225Ac annually, a substantial contribution given the current global supply is about 3 Ci per year. PanTera has established supply agreements with several pharmaceutical companies, including Bayer, and anticipates securing contracts for over 80% of its production capacity before commencing full-scale operations.

Sven Van den Berghe, CEO of PanTera, remarked that the company is committed to dramatically improving the supply of 225Ac in both the short and long term, ensuring this potentially life-saving treatment modality reaches patients. He highlighted that the substantial fundraising underscores PanTera's robust strategy, unique assets, and capabilities. PanTera collaborates with experienced partners possessing extensive expertise and networks, encompassing all aspects of the radiopharmaceutical industry. The recent funding places PanTera on track to achieve its vision of providing a "Better Fight for Life" to cancer patients worldwide by becoming a dependable global supplier of 225Ac.

Martijn Kleijwegt, Partner at EQT Life Sciences, expressed confidence in PanTera's ability to address the critical shortage of 225Ac in the pharmaceutical industry, as well as the anticipated surge in demand. He affirmed EQT's commitment to supporting pioneering ventures like PanTera and expressed excitement about partnering with the PanTera team and their collaborators for the next phase of the company's development.

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