24 Nov 2025

Clifford Chance advises ICG Strategic Equity as lead on CapVest GP-led recapitalisation of Curium

"Clifford Chance advised ICG Strategic Equity as lead investor on a CapVest-managed GP-led recapitalisation of Curium, valued at about US$7 billion. ICG led the continuation vehicle alongside TPG GP Solutions and CVC Secondary Partners. The deal, the largest in nuclear medicine, is expected to close in Q1 2026 subject to approvals."

Clifford Chance advised ICG Strategic Equity as lead investor in the CapVest-managed GP-led recapitalisation of Curium. ICG Strategic Equity led the continuation vehicle alongside TPG GP Solutions and CVC Secondary Partners. The transaction comprises a recapitalisation of Curium through a new continuation vehicle managed by CapVest Partners and values Curium at approximately US$7 billion, making it the largest transaction in nuclear medicine globally. The recapitalisation is intended to accelerate Curium’s strategy to deliver innovative diagnostic and therapeutic solutions, strengthen its pipeline of next-generation radiopharmaceuticals and support its vertically integrated global supply chain. Curium serves more than 14 million patients annually across 70 countries and its portfolio includes diagnostic radiopharmaceuticals and late-stage radioligand therapies targeting neuroendocrine and prostate cancers. The transaction is expected to close in Q1 2026, subject to customary regulatory approvals. Clifford Chance represented ICG Strategic Equity (lead investor) with a team composed by: Private Equity partner Tom Lin; Senior Associate Victoria Ho; Tax partner Richard Kalaher; and a global multidisciplinary team across Fund Solutions, Tax, Life Sciences and Antitrust/FDI including Stephen Reese, Alex Walker, Angharad Lewis, Paul Seraganian, Richard Blewett, Karalyn Mildorf, Katharine Missenden, Violet Marcel, Wei Bin Tan, Holly Bauer, Sebastian Lehmann, Zong Han Low, Harry Christoforou, Lewis Barton, Rohit Duggal and John Wu.
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