Pharma BD Deal Intelligence
A speculative radiopharma bet dressed as an equity deal: Aptevo and Niowave's 50/50 collaboration targets Nectin-4 with Actinium-225, but Niowave's stake (7.9% now, up to 19.99% via warrants) is the only disclosed value in a deal with no stated transaction price.
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Aptevo contributes its multispecific antibody platforms (ADAPTIR and ADAPTIR-FLEX technologies) alongside development expertise. Niowave receives an initial…
Niowave made an at-the-market equity investment in Aptevo at closing, representing an initial ownership position of 7.9%, with the potential to build a…
Aptevo Therapeutics (Nasdaq: APVO) and Niowave, Inc. announced a 50/50 strategic collaboration to develop up to three radiopharmaceutical oncology programs.…
Source summaries from our enrichment pipeline; follow links for originals.
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Aptevo Therapeutics (Nasdaq: APVO) and Niowave entered a 50/50 strategic collaboration to develop up to three radiopharmaceutical oncology programs, with the first program directed at Nectin-4 and pairing Aptevo's proprietary molecule APVO455 with Niowave's Actinium-225 and additional radioisotopes. Executed concurrently were a collaboration agreement (commencing with a proof-of-concept study), a supply agreement under which Niowave supplies radioisotopes to Aptevo, and a stock purchase agreement. At closing Niowave made an at-the-market equity investment giving it an initial ~7.9% ownership position (based on shares outstanding as of May 13, 2026), with the potential to build to up to 19.99% through warrant exercises at a premium and future purchases of Aptevo common stock. No transaction dollar value was disclosed.
$1.7B 2024 US radiopharmaceutical therapies market · $2,116M 2024 combined Pluvicto + Lutathera global sales (Novartis benchmark)
Targeted radiopharmaceutical therapy (radioligand therapy) delivers cytotoxic radioisotopes (alpha- or beta-emitters such as Actinium-225 or Lutetium-177) directly to tumor cells via tumor-selective binding moieties. The modality has been validated by Novartis's Pluvicto (PSMA-617 + Lu-177 in mCRPC) and Lutathera (DOTATATE + Lu-177 in NETs), which combined for ~$2.1B in 2024 sales. The field is now expanding aggressively into new tumor targets — including Nectin-4 — and to alpha-emitters, with supply constraints on Actinium-225 representing a strategic bottleneck.
Radiopharmaceutical oncology is led by Novartis (Pluvicto, Lutathera) with intensifying competition from BMS (RayzeBio/actinium-PSMA), Lilly (Point Biopharma), Bayer, AstraZeneca (Fusion Pharma), and a wave of platform plays. Multispecific-antibody-based radioligand approaches like ADAPTIR-FLEX are differentiated from peptide-based Pluvicto/Lutathera and could address tumors without high-affinity small-molecule ligands. Actinium-225 supply is a critical bottleneck — Niowave's superconducting linac capacity is strategically scarce.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Aptevo Therapeutics Inc. / Niowave, Inc. (this deal) | 2026 | — | — |
| AstraZeneca PLC / Daiichi Sankyo Company, Limited | 2019 | $6.9B | 100 |
| Novartis AG / Endocyte, Inc. | 2018 | $2.1B | 96 |
| Astellas Pharma Inc. / Seagen Inc. | 2009 | $4.5B | 95 |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
| Servier / Agios Pharmaceuticals (oncology) | 2020 | $2.0B | 91 |
| Servier Pharmaceuticals LLC / Agios Pharmaceuticals Inc. | 2020 | $2.0B | 91 |
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