Lantheus Medical Imaging has received approval from its shareholders to move forward with its plan to acquire oncology drug developer Progenics Pharmaceuticals.
The companies first announced the deal in October 2019 and amended the proposal in February. Under the deal, Lantheus would issue common stock to acquire Progenics, which would then become a wholly owned subsidiary of Lantheus.
Lantheus said that 99% of the total votes cast by holders of its common stock were in favor of the proposal; the number represents about 87% of Lantheus' shares issued and outstanding.
Progenics has three products that have received U.S. Food and Drug Administration (FDA) approval, including Azedra for treating adult and pediatric patients 12 years and older for pheochromocytoma and paraganglioma. The firm has also developed oral and subcutaneous formulations of Relistor that have been licensed to Bausch Health. In addition, Progenics is developing other targeted medicine and artificial intelligence (AI) technology, Lantheus said.
