EQT Leads $102.5 Million Series A Funding Round in Belgian Radioisotope Producer PanTera

By Dominic Chopping

STOCKHOLM--EQT led a 93 million-euro ($102.5 million) Series A funding round in PanTera, a Belgian radioisotope producer.

The Swedish buyout group said Wednesday that with additional equity and debt funding, the total amount raised was 134 million euros, which will be used mainly to support the construction of a new production facility in Belgium.

PanTera was founded in 2022 to enable large-scale production of actinium-225, which is needed to enable a new class of targeted cancer treatments known as targeted alpha therapy.

Targeted alpha therapy enables localized delivery of radiation to cancer cells without harming surrounding healthy tissue.

Demand for actinium-225 is increasing rapidly as drug-development companies look to scale-up clinical trials across a range of different cancers and seek regulatory approvals, but dependable, scalable and sustainable methods for producing it are complex and require advanced nuclear infrastructure, EQT said.

This has resulted in a global shortage of the isotope and PanTera has developed a patented production method as it works to solve the shortage.

The round was also joined by Kurma Partners, Eurazeo, Korys, Paladin and PMV. Alongside this, particle accelerator technology provider IBA and Belgian sovereign fund SFPIM will convert into equity 7.2 million euros of convertible loans.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

September 11, 2024 02:28 ET (06:28 GMT)

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