Global companies accelerate investment in radiopharmaceuticals

BMS invests USD 170 million in second manufacturing site…Expands Ac-225 business infrastructure

Novartis to invest KRW 140 billion in Korea…Lilly and AstraZeneca also strengthen manufacturing infrastructure

Global pharmaceutical companies are expanding investment in radiopharmaceuticals, a field viewed as the next-generation cancer treatment modality.

After building their radiopharmaceutical pipelines through acquisitions and joint development deals, the companies have recently broadened their investment to include manufacturing facilities and radioisotope supply chains.

Radiopharmaceuticals combine radioactive isotopes with targeting molecules that seek out cancer cells and deliver radiation directly to tumors. Because radioisotopes have short half-lives and must reach patients within a limited period after production, manufacturing and logistics capabilities are directly tied to business competitiveness.

According to industry sources on the 29th, BMS subsidiary RayzeBio plans to invest USD 173 million in a new radiopharmaceutical manufacturing facility in Whitestown, Indiana.

The new facility will cover approximately 225,000 square feet (20,900㎡). Construction is scheduled to begin this year, with the company planning to hire 100 new employees by the end of 2029 across the new site and its existing Indianapolis facility.

This will be BMS’s second manufacturing site, following the RayzeBio radiopharmaceutical facility that began operations in Indianapolis last year.

The existing facility spans 77,000 square feet (7,150㎡) and received an investment of more than USD 160 million. It has established an integrated production system that handles both radioisotope production and finished pharmaceutical manufacturing at a single site. The facility currently produces clinical trial materials and is being expanded for future commercial manufacturing. According to the company, it will be capable of producing tens of thousands of doses annually when operating at full capacity.

With pipelines secured, BMS turns to manufacturing capacity… Company expands investment

BMS entered the radiopharmaceutical market in earnest by acquiring RayzeBio for approximately USD 4.1 billion in 2024.

RayzeBio focuses on developing radiopharmaceuticals based on the alpha-emitting radioisotope actinium-225 (Ac-225). Its lead candidate, RYZ101, is an Ac-225-based therapy targeting the somatostatin receptor (SSTR). A Phase III trial is underway in patients with gastroenteropancreatic neuroendocrine tumors (GEP-NETs).

In addition to BMS, global pharmaceutical companies have actively expanded their radiopharmaceutical pipelines in recent years through acquisitions and joint development agreements.

Lilly acquired Point Biopharma for approximately USD 1.4 billion in 2023, while AstraZeneca acquired Fusion Pharmaceuticals for up to USD 2.4 billion in 2024. Novartis has also broadened its pipeline through the acquisition of Mariana Oncology and joint development programs with PeptiDream.

More recently, these companies have moved beyond securing drug candidates and are building the manufacturing capacity needed to support commercialization.

Manufacturing and supply chain management are more important for radiopharmaceuticals than for conventional cancer drugs. The supply of the radioisotopes used in treatment is limited, while their short half-lives make long-term storage difficult. Therefore, production and administration must be connected through precisely coordinated schedules.

RayzeBio temporarily suspended enrollment in the Phase III trial of RYZ101 in 2024 because of an Ac-225 supply shortage. Against this backdrop, BMS’s successive expansion of RayzeBio’s manufacturing facilities reflects its efforts to secure a stable supply of both radioisotopes and finished therapies.

Novartis invests in Korea…Expanding RLT production network

Novartis, a leader in the radiopharmaceutical market, is likewise continuing to expand its global manufacturing footprint.

In 2024, Novartis established a 70,000-square-foot radioligand therapy (RLT) manufacturing facility in Indianapolis. The site produces the prostate cancer therapy Pluvicto and the neuroendocrine tumor therapy Lutathera. When it began operations, the facility expanded the company’s global RLT production capacity to 250,000 doses annually.

The Indianapolis facility is now being expanded to add in-house radioisotope production. The strategy is intended to internalize not only finished pharmaceutical manufacturing but also the supply of radioisotopes, the therapies’ essential raw materials.

The company is also investing in manufacturing and supply chain infrastructure in Korea.

Novartis signed a memorandum of understanding with the Ministry of Health and Welfare last month to build a domestic RLT ecosystem and announced an investment plan worth approximately KRW 140 billion. The investment will cover the construction of an RLT manufacturing facility in Korea, the development of an advanced cold-chain logistics network, related research and development, and the training of specialized personnel.

The company also aims to increase the number of Korean hospitals capable of administering RLT from the current 10 to 30. It plans to establish an integrated domestic base covering radiopharmaceutical production, delivery, and patient administration.

Lilly and AstraZeneca have similarly secured manufacturing and supply capabilities through acquisitions of related radiopharmaceutical companies.

When Lilly acquired Point Biopharma, it gained not only a clinical-stage pipeline but also the company’s Indianapolis manufacturing facility and Toronto research and development center. Through its acquisition of Fusion Pharmaceuticals, AstraZeneca likewise secured radiopharmaceutical research, manufacturing, and Ac-225 supply capabilities along with an Ac-225-based drug candidate.

As such, competition among global pharmaceutical companies in radiopharmaceuticals is moving beyond the race to discover promising drug candidates into infrastructure development for their stable production and delivery to patients.

In particular, as pipelines using next-generation alpha-emitting radioisotopes such as Ac-225 continue to grow, capabilities spanning isotope procurement, manufacturing, and delivery are expected to emerge as major competitive factors in the radiopharmaceutical business.