Clifford Chance advises ICG Strategic Equity as Lead on CapVest’s GP-led recapitalisation of Curium

Global law firm Clifford Chance has advised ICG Strategic Equity as a lead investor in the recapitalisation of Curium, a global leader in nuclear medicine, through a new continuation vehicle managed by CapVest Partners. Valuing Curium at approximately US$7 billion, the transaction is the largest in nuclear medicine globally. ICG Strategic Equity led the continuation vehicle alongside TPG GP Solutions and CVC Secondary Partners.

The recapitalisation will accelerate Curium’s strategy to deliver innovative diagnostic and therapeutic solutions for patients worldwide and strengthen its pipeline of next-generation radiopharmaceuticals. Curium operates a vertically integrated global supply chain and serves more than 14 million patients annually across 70 countries. Its portfolio includes diagnostic radiopharmaceuticals and late-stage Radioligand Therapies (RLTs) targeting neuroendocrine and prostate cancers, two of the largest indications in nuclear medicine.

Private equity partner Tom Lin, senior associate Victoria Ho and Tax partner Richard Kalaher led the Clifford Chance team, with a global multi-disciplinary 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.

The transaction is expected to close in Q1 2026 subject to customary regulatory approvals.