The Ledger

8 billion dollars: that is the ceiling on a deal announced this morning that would combine two of the world’s largest radiopharmaceutical makers, and Lantheus has already pulled its own 2026 outlook because of it. Curium US Holdings LLC and Lantheus Holdings, Inc. agreed August 3, 2026 to merge, with Curium paying Lantheus shareholders 102.50 dollars a share in cash at closing plus contingent value rights worth up to 12.00 dollars a share tied to sales milestones through 2030, for total consideration of up to 114.50 dollars a share and an aggregate transaction value of approximately 8.0 billion dollars, a 38 percent premium to Lantheus’ 60-day volume-weighted average share price. Lantheus, whose PYLARIFY prostate-cancer imaging agent and DEFINITY cardiac ultrasound contrast agent make it the US market leader in radiodiagnostics, would combine with Curium’s manufacturing network across more than 70 countries to build a company spanning diagnostics and therapeutics in oncology, neurology and cardiology, the “theranostics” model the nuclear medicine industry has bet its future on. The deal, financed through a mix of debt and equity with no financing contingency, is expected to close in the first half of 2027 subject to Lantheus shareholder approval and regulatory clearance; Lantheus has suspended its own full year 2026 financial guidance pending the transaction. Confidence: High. The deal terms, premium calculations and closing timeline come directly from the companies’ own joint announcement and Lantheus’ SEC filing. Sources: Curium Announces Definitive Agreement to Merge with Lantheus, GlobeNewswire, Lantheus Holdings, Inc. Form 8-K, U.S. Securities and Exchange Commission.

2.2 billion dollars: that is the annual revenue of the central-nervous-system drug company two firms agreed today to build by merging as equals, with the maker of opioid-addiction treatments taking the majority stake. Supernus Pharmaceuticals and Indivior Pharmaceuticals agreed August 3, 2026 to combine in an all-stock merger of equals, with Supernus shareholders receiving 1.5401 Indivior shares for each Supernus share they hold, leaving Indivior shareholders with approximately 56.5 percent of the combined company and Supernus shareholders with approximately 43.5 percent on a fully diluted basis; Indivior shareholders will also receive 1.0 billion dollars in cash as a special dividend paid immediately before closing, funded by 650 million dollars in new debt from Citibank plus existing cash. The combined company, to be named Supernus, Inc. and headquartered in Rockville, Maryland, would carry 11 medicines across psychiatry, neurology and addiction treatment, generating about 2.2 billion dollars in combined annual revenue and 888 million dollars in adjusted EBITDA including 125 million dollars in expected annual cost synergies; current Supernus chief executive Jack Khattar would continue to lead the combined company, with Indivior director Tony Kingsley chairing an eight-member board split evenly between the two companies. The deal is expected to close in the fourth quarter of 2026, subject to both companies’ shareholder votes and regulatory clearance. Confidence: High. The merger structure, ownership split and financial figures come directly from the companies’ own joint announcement. Source: Supernus Pharmaceuticals and Indivior Pharmaceuticals to Merge, GlobeNewswire.

31 percent: that is how much membership grew last quarter at a Medicare Advantage insurer that beat every guidance metric it gave Wall Street, and still watched its stock fall. Alignment Healthcare reported second quarter 2026 results July 30 showing adjusted earnings per share of 0.17 dollars, ahead of the 0.13 dollar consensus estimate, on revenue of 1.3 billion dollars, up 32 percent year over year, as health plan membership reached 294,100, up 31 percent from a year earlier; the company raised its full year 2026 membership forecast to a range of 298,000 to 301,000 and reported its adjusted medical benefit ratio improved to 86.3 percent, the lowest the company has posted as a public company. Despite surpassing the high end of its own guidance across every key metric, shares fell in after-hours trading, with management’s plan to target roughly 20 percent enrollment growth in 2027 alongside continued spending on clinical operations, automation and artificial intelligence read by some investors as a signal that profit generation is being pushed further into the back half of the year and beyond. Half of the members Alignment added in 2026 were Chronic Special Needs Plan eligible, Dual Special Needs Plan eligible, or dual eligible, categories that typically carry higher acuity and higher initial medical costs before risk-adjustment revenue catches up. Confidence: High on the reported figures, since they come directly from the company’s own release; Medium on why shares fell, since that rests on this run’s reading of investor and analyst reaction rather than a company-stated cause. Source: Alignment Healthcare Reports Second Quarter 2026 Results, GlobeNewswire.

5.1 percent: that is the same-store cash income growth posted last quarter by the nation’s largest medical-office-building landlord, even as total revenue fell on completed property sales. Healthcare Realty Trust, the largest public, pure-play owner, operator and developer of medical outpatient buildings in the United States, reported second quarter 2026 total revenue of 281.8 million dollars, down from 297.5 million dollars a year earlier as previously completed asset dispositions shrank the portfolio, alongside a GAAP loss of 0.13 dollars a share, wider than the 0.01 dollar loss analysts had modeled; same-store cash net operating income grew 5.1 percent and occupancy rose 110 basis points year over year. The real estate investment trust raised its full year 2026 normalized funds from operations guidance by 0.02 dollars at the midpoint and its same-store cash net operating income growth guidance to a range of 4.25 to 5 percent, while expanding its redevelopment pipeline to roughly 30 assets by year end and reporting a leasing pipeline above 3 million square feet, roughly half of it tied to health system activity, evidence that demand for outpatient space is holding up even as the company keeps trimming its portfolio through asset sales and joint ventures. Confidence: High. The reported and guidance figures come directly from the company’s own earnings release. Source: Healthcare Realty Reports Second Quarter 2026 Results, GlobeNewswire.

THE DEAL SHEET

Target	Acquirer/Investor	Vertical	Value	Source
Lantheus Holdings	Curium US Holdings	Radiopharmaceuticals, diagnostics and therapeutics	Up to $114.50/share ($102.50 cash plus up to $12 in contingent value rights); approximately $8.0 billion aggregate; expected close H1 2027	Curium Announces Definitive Agreement to Merge with Lantheus, GlobeNewswire
Indivior Pharmaceuticals and Supernus Pharmaceuticals (merger of equals)	n/a, combination	CNS biopharmaceuticals, addiction treatment	All-stock; Indivior holders take approximately 56.5% of the combined company plus a $1.0 billion cash dividend; expected close Q4 2026	Supernus Pharmaceuticals and Indivior Pharmaceuticals to Merge, GlobeNewswire
G3 Vision Labs (option to acquire)	Profusa	Diagnostics, commercial-stage clinical laboratories	Undisclosed; G3’s estimated 2025 net revenue approximately $111 million; option agreement signed July 31	Profusa Announces Signing of Option Agreement for the Acquisition of G3 Vision Labs, GlobeNewswire

CVS Health, agilon health and Clover Health report second quarter results Wednesday, August 5; Privia Health and Oscar Health follow Thursday, August 6.