Starpharma has reached a key milestone in its collaboration with Radiopharm Theranostics, unlocking a $0.5 million option fee and advancing the partnership toward a potential $91 million licensing deal.
- Collaboration milestone triggers $0.5 million option fee
- Radiopharm gains option to exclusively license DEP® dendrimer technology
- Potential licensing deal worth up to $91 million including milestones and royalties
- Milestone follows completion of initial development and manufacturing phases
- Validates Starpharma’s DEP® platform in radiopharmaceutical drug development
Milestone Advances Radiopharmaceutical Collaboration
Starpharma (ASX:SPL) has achieved a significant milestone under its collaboration with Radiopharm Theranostics (ASX:RAD), triggering a $0.5 million option fee. This payment marks a commercial step forward, moving the partnership into an option period where Radiopharm can decide whether to take an exclusive licence to Starpharma’s proprietary DEP® dendrimer technology for a radiopharmaceutical asset.
The milestone represents completion of initial development and manufacturing activities under the research agreement, validating the tangible progress made in applying Starpharma’s dendrimer platform to radiopharmaceutical drug development.
Pathway to Potential $91 Million Licensing Deal
If Radiopharm exercises its option, Starpharma stands to receive up to $91 million in payments. These include an upfront fee, success-based development, regulatory and commercial milestones, plus royalties on net sales. This structured deal provides a clear licensing pathway and external validation of Starpharma’s DEP® platform, reinforcing its strategic value in the oncology radiopharmaceutical sector.
Starpharma’s CEO Cheryl Maley highlighted the milestone as a "meaningful step forward" that strengthens the collaboration and underscores the potential of their dendrimer technology in partner-led programs. She emphasised the significance of radiopharmaceuticals in global oncology and the role Starpharma’s technology can play in developing differentiated therapeutic assets.
Collaboration Background and Strategic Implications
The collaboration with Radiopharm began in September 2025, with Starpharma tasked to develop and manufacture a dendrimer-drug conjugate incorporating Radiopharm’s radiopharmaceutical molecule. The recent milestone follows the completion of these initial phases, paving the way for Radiopharm’s option evaluation period.
This development aligns with Starpharma’s broader radiopharmaceutical pipeline progress, including FDA alignment for its DEP® HER2 phase 1 trial scheduled for mid-2026. The milestone complements other strategic partnerships and licensing deals that have bolstered Starpharma’s financial position and clinical pipeline in recent months.
Bottom Line?
Starpharma’s milestone payment signals progress but hinges on Radiopharm’s decision to license, setting up a critical evaluation phase ahead.
Questions in the middle?
- Will Radiopharm exercise its option to license the DEP® technology?
- How will this milestone impact Starpharma’s cash flow and R&D investment?
- What are the timelines and criteria Radiopharm will use to decide on the licence?