The German group is spinning off from Eckert & Ziegler and listing in Frankfurt, though a leap to the NASDAQ will likely follow once it has more data on a lymphoma theranostic.

Following a pair of $10bn+ deals in Q4 2023 and a $16.5bn takeout in Q1, the second quarter saw no acquisition priced as high as $5bn, Evaluate notes. Aggregate deal volume and values dropped from Q1.

With big pharma on a radiopharmaceuticals buying spree, New York-based Actinium Pharmaceuticals has been pointed to as the next potential takeout target.

The acquisition of Mariana will complement Novartis’s lutetium-based radioligand therapies with candidates using actinium. Lilly, Bristol and AstraZeneca all have made recent high-priced buys in the space.