Benzinga | Mar 30, 2021 12:51PM EDT

Novartis Beefs Up Radioligand Portfolio With iTheranostics Deal

* Just a week after acing Phase 3 study evaluating radioligand therapy in prostate cancer, Novartis AG (NYSE: NVS) is licensing the rights to develop and commercialize treatments based on a library of radioligand compounds from iTheranostics, a subsidiary of Sofie Biosciences.

* These compounds target fibroblast activation protein or FAP, a cell surface protein found in low levels in healthy tissue but found in high levels in common cancers.

* The agreement with Sofie includes the rights to develop the radioligand assets for imaging and therapeutic use.

* Earlier today, Lantheus Holdings Inc acquired rights to NTI-1309, a PET oncology imaging agent that targets fibroblast activation protein.

* Price Action: NVS shares are trading 0.6% lower at $86.85 in market trading hours on the last check Tuesday.