Radiopharma Push: Aptevo and Niowave Join Forces in Oncology
Aptevo Therapeutics Inc. (NASDAQ: APVO) and Niowave Inc. are forming a 50/50 partnership to develop up to three radiopharmaceutical cancer drugs, giving both companies a strategic foothold in a fast growing oncology niche.
Deal overview
Aptevo Therapeutics Inc., a clinical stage biotech focused on immuno oncology, and Niowave Inc., a producer of medical radioisotopes, have announced a strategic collaboration to co develop as many as three radiopharmaceutical oncology programs.
The partnership is structured as a 50/50 deal, with Aptevo and Niowave sharing costs, development responsibilities, and potential future economics.
This move marks Aptevo’s formal entry into radiopharmaceutical based therapeutics and represents Niowave’s first direct investment in a therapeutic development program, rather than acting solely as an isotope supplier.
Financial terms and ownership
As part of the collaboration, Niowave invested in Aptevo via an at the market equity offering, acquiring an initial 7.9% ownership stake in Aptevo Therapeutics Inc. (APVO).
Niowave also received warrants that, if exercised, could increase its stake to as much as 19.99%, at prices set at a premium to the initial purchase.
The two companies will jointly fund early research and development for the radiopharmaceutical programs, with additional details on specific asset selection, targets, and timelines to be announced as projects progress.
Strategic rationale for Aptevo
Aptevo is known for its ADAPTIR and ADAPTIR FLEX platforms, which are designed to generate bispecific and multispecific antibody based cancer therapies.
By adding radiopharmaceuticals, Aptevo is expanding into a modality that combines targeted biologics with radioactive payloads, an area that has seen rising validation and deal activity across oncology.
The partnership lets Aptevo tap Niowave’s radioisotope expertise and supply capabilities, while avoiding the cost of building that infrastructure itself.
In return, Niowave participates directly in potential upside from the therapeutic programs rather than just selling isotopes on a supply contract.
Why this matters for APVO investors
For APVO shareholders, the collaboration is a way to add a new oncology platform without a large cash outlay or a dilutive acquisition.
A 50/50 structure with a strategic isotope partner should help de risk access to key radioisotopes and align both parties around long term value creation if any of the programs succeed.
