PanTera, a collaboration between particle accelerator specialist IBA and nuclear power center SCK CEN, has successfully raised €93 million in an oversubscribed Series A round to accelerate the production of actinium-225, a highly scarce but potentially revolutionary radioisotope for cancer treatment. The funding will be used to establish a state-of-the-art production facility at SCK CEN’s nuclear plant in Mol, Belgium.
The total investment in the Series A round amounts to €134 million, which includes additional financial backing through equity conversions and loans from KBC and Belfius. This marks the largest Series A fundraising in Belgium’s life sciences sector. The round was led by EQT Life Sciences, with participation from investors including Kurma Partners, Eurazeo, Korys, Paladin, and PMV. After the capital raise, PanTera's valuation is approximately €280 million.
Prior to this funding, IBA held a 47.8% stake in PanTera, which will now be reduced to 31.3% following the capital increases. This reduction is expected to lead to a revaluation of IBA's stake, with a positive impact of around €23 million.
Actinium-225 is part of an emerging class of cancer treatments called targeted alpha therapy, which uses high-energy alpha particles to destroy cancer cells. Unlike traditional treatments, actinium-225 allows for precise targeting of tumors, sparing surrounding healthy tissue. “Actinium-225 provides a potent dose of energy that is delivered directly to the tumor site,” explained Henri De Romrée, Vice-CEO of IBA.
Currently, the production of actinium-225 is extremely limited, making it one of the rarest substances in the medical field. The radioisotope does not occur naturally, and global production is only sufficient to treat a small number of patients annually. PanTera's new facility aims to alleviate this supply issue by developing a large-scale production process. Utilizing IBA’s Rhodotron technology, the company has pioneered a patented method that transforms radium-226 into radium-225, which then decays into actinium-225.
The future PanTera production site, expected to be operational by 2029, will produce over 100 curies of actinium-225 annually, enabling the treatment of more than 100,000 patients each year.
Meanwhile, PanTera is already preparing to supply actinium-225 for clinical trials using an alternative production method. In collaboration with TerraPower Isotopes, PanTera plans to produce 1.5 to 2 curies of actinium-225 by 2025. For context, the current global supply is estimated at only 3 curies per year, underscoring the critical shortage facing the pharmaceutical industry.
The production of actinium-225 is expected to play a pivotal role in the next generation of cancer therapies, with clinical trials underway for various cancers, including prostate, lung, colon, breast, and pancreatic cancers, as well as rare conditions like glioblastoma. The first commercial treatments using actinium-225 could hit the market by 2028 or 2029, offering new hope in the fight against cancer.
