EQT Life Sciences leads 93 million euro funding round for radioisotope producer PanTera

EQT Life Sciences has spearheaded a EUR 93 million oversubscribed Series A funding round for PanTera, a Belgian company focused on producing the radioisotope actinium-225 (225Ac). The total amount raised, including additional equity and debt financing, reached EUR 134 million. These funds will be used primarily to construct a state-of-the-art production facility in Belgium.

PanTera aims to establish commercial-scale production of 225Ac, a critical component for a new class of targeted cancer treatments known as Targeted Alpha Therapy. The increasing demand for 225Ac, driven by drug development and clinical trials, has led to a global shortage due to the complexity of its production and the required nuclear infrastructure.

The company utilizes a patented photo-nuclear process to convert radium-226 into 225Ac. PanTera projects it can produce over 100 Curies of clinical-grade 225Ac annually by 2029, potentially enabling treatment for over 100,000 patients per year. The company stated that over 80% of its capacity is already secured through supply agreements with pharmaceutical firms.

This funding round is notable as the largest Series A in Belgium's life sciences sector to date. Investors alongside EQT included Kurma Partners, Eurazeo, Korys, Paladin, and PMV. PanTera has previously secured convertible loans from IBA and SFPIM, which will now be converted into equity.