Aptevo and Niowave Form Strategic Partnership to Develop Radiopharmaceutical Cancer Therapies
Key Insights
Aptevo Therapeutics and Niowave (search) announced a 50/50 strategic collaboration to develop up to three radiopharmaceutical oncology programs, marking Aptevo's expansion into this high-growth therapeutic area.
Niowave (search) made a 7.9% equity investment in Aptevo at closing with potential to increase ownership to 19.99% through warrant exercises, aligning incentives between the companies.
The collaboration combines Aptevo's multispecific antibody platforms targeting Nectin-4 (search) with Niowave (search)'s radioisotope production capabilities including Actinium-225 to address supply constraints in the radiopharmaceutical market.
Aptevo Therapeutics Inc. (Nasdaq: APVO) and Niowave (search), Inc. announced a strategic 50/50 collaboration on May 27, 2026, to develop up to three radiopharmaceutical oncology programs. The partnership marks Aptevo's expansion into radiopharmaceutical-based therapeutic development and represents Niowave's first investment in a therapeutic development program.
Niowave (search) made an at-the-market equity investment in Aptevo at closing, representing an initial ownership position of 7.9%, with the potential to build a meaningful equity stake of up to 19.99% through warrant exercises at a premium to the initial purchase and future purchases of Aptevo common stock.
Strategic Collaboration Structure
Under the terms of the agreement, Aptevo will contribute assets from its proprietary multispecific antibody platforms, beginning with targeting assets directed against Nectin-4 (search), together with associated development expertise. Nectin-4 is expressed on the surface of cancer cells and represents a clinically validated cancer target with broad relevance across solid tumors.
Niowave (search) will provide radioisotopes and related manufacturing and supply capabilities, including Actinium-225 and additional radioisotopes. This approach addresses critical supply constraints in the radiopharmaceutical market while leveraging Aptevo's multispecific engineering capabilities.
"The collaboration between Aptevo and Niowave (search) reflects a strategic expansion of Aptevo's development plan, and we are extremely pleased to be working with Niowave," said Jeff Lamothe, President and Chief Executive Officer of Aptevo. "We have established a strong foundation and clinical proof-of-concept with our multispecific assets, and this partnership enables us to extend that capability into radiopharmaceuticals, an increasingly important area of therapeutic development in oncology."
Radiopharmaceutical Market Opportunity
Radiopharmaceutical therapies have emerged as a clinically validated area of oncology, supported by growing investment across the industry, including multi-billion-dollar transactions in emerging radiopharmaceutical companies by large pharmaceutical companies such as Novartis, Bristol Myers Squibb, Eli Lilly, and AstraZeneca.
These therapies deliver targeted radiation directly to tumor cells and are increasingly being developed in combination with immunotherapy to address the complexity of treating a broad range of cancers. Alpha-emitting isotopes such as Actinium-225 release high-energy alpha particles over an extremely short distance, potentially destroying cancer cells while limiting damage to surrounding healthy tissue.
Development has been constrained by limited access to critical isotopes and manufacturing infrastructure, as well as the need for effective targeting strategies. Niowave (search) is a leading manufacturer and supplier of isotopes with established relationships across the radiopharmaceutical ecosystem, reinforcing its role as a reliable isotope supply partner in a resource-constrained market.
Company Capabilities
Aptevo Therapeutics is a clinical-stage biotechnology company focused on developing novel bispecific and trispecific immunotherapies for cancer treatment. The company has two clinical candidates and six preclinical candidates with different mechanisms of action designed to target a range of solid tumors. All pipeline candidates were created from two proprietary platforms, ADAPTIR and ADAPTIR-FLEX.
Founded in 2005, Niowave (search) is a global leader in developing and operating superconducting electron linear accelerators and advancing radiochemistry procedures for medical isotope production. Headquartered in Lansing, Michigan, the company produces Actinium-225 and other isotopes to support the next generation of cancer treatments.
"This collaboration will deepen our radiopharmaceutical development capabilities and better position us to support current partners and the broader industry," said Mike Zamiara, Chief Executive Officer of Niowave (search). "Our investment reflects our confidence in the opportunity to combine Aptevo's targeting capabilities with Niowave's radioisotope production and supply expertise. Together, we expect to help advance new treatment options for patients with difficult-to-treat cancers."
The companies have designed and are ready to initiate the first stage of the collaboration, which will inform next steps and future development decisions for their radiopharmaceutical programs targeting cancer patients with high unmet medical needs.