Starpharma Holdings Ltd Triggers A$0.5M Fee With Pathway to A$91M Radiopharm Deal
Starpharma triggers $0.5M option fee as Radiopharm milestone opens pathway to $91M deal
Starpharma (ASX: SPL, US OTC: SPHRY) has achieved a key milestone under its collaboration agreement with Radiopharm Theranostics (ASX: RAD, NASDAQ: RADX), triggering an AUD $0.5 million option fee payable to the company.
The milestone moves the program into an option period, during which Radiopharm may elect to take an exclusive licence to Starpharma’s proprietary DEP® dendrimer technology for a radiopharmaceutical asset.
If the option is exercised, Starpharma would be eligible to receive up to AUD $91 million, plus royalties on net sales. For investors, the announcement represents a tangible commercial validation of the DEP® platform within an area of significant interest.
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What the milestone delivers today
The achievement follows completion of the initial development and manufacturing activities under the research agreement, originally announced on 30 September 2025. This is a tangible commercial outcome from the collaboration, not simply another research step.
The sequence is now clear. The research phase has concluded, the milestone has been achieved, and the program has entered the option period. Key details include:
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Immediate option fee: AUD $0.5 million payable to Starpharma
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Partner: Radiopharm Theranostics (ASX: RAD, NASDAQ: RADX)
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Original engagement announced: 30 September 2025
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Program: a dendrimer-drug conjugate incorporating a radiopharmaceutical molecule under development by Radiopharm
The $91 million licensing pathway
Should Radiopharm exercise the exclusive licence option, the potential value to Starpharma escalates considerably. The up to AUD $91 million figure includes an upfront payment, success-based development, regulatory and commercial milestone payments, in addition to royalties on net sales.
It is important to note that this headline value is contingent. It depends on Radiopharm first exercising the option, then on subsequent success-based progress through development, regulatory and commercial stages. What the milestone provides today is a defined, quantified licensing pathway with layered upside.
| Stage | Trigger | Payment to Starpharma | Status |
|---|---|---|---|
| Option fee | Milestone achieved | AUD $0.5M | Triggered now |
| Exclusive licence | Radiopharm exercises option | Upfront payment (part of $91M) | Pending option period |
| Development / regulatory / commercial milestones | Success-based progress | Included in up to AUD $91M | Future / contingent |
| Net sales | Commercialisation | Royalties | Future / contingent |
CEO Commentary
“Our work with Radiopharm Theranostics has been a strong and productive collaboration, and this milestone marks a meaningful step forward for the program while further validating the potential of our DEP® platform in radiopharmaceutical drug development,” said Cheryl Maley, Chief Executive Officer of Starpharma.
Understanding DEP® dendrimers and radiopharmaceuticals
Dendrimers are precise, synthetically manufactured, nanoscale molecules. Their properties, including their size, structure, high degree of branching, polyvalency, and water solubility, are considered advantageous in medical and pharmaceutical applications.
According to Maley, radiopharmaceuticals are “an area of significant interest across the global oncology sector.” By combining a dendrimer with a radiopharmaceutical molecule, partners aim to develop differentiated therapeutic assets, which helps explain why collaborators value access to the DEP® platform.
The Radiopharm collaboration is one of several moves Starpharma has made to protect and commercialise its position in this space; a DEP radiopharmaceutical patent filed in mid-2026 covers radioligand therapy approaches across HER2, PSMA, and EGFR targets simultaneously, reflecting the platform’s intended breadth across oncology.
Why this matters for investors
The milestone delivers external validation of the DEP® platform in radiopharmaceuticals through a partner-led model. Rather than funding development alone, Starpharma applies its technology within a collaboration structure that carries milestone and royalty upside.
DEP HER2-Lu preclinical results provide a concrete illustration of what the platform can produce in radiopharmaceutical applications, with tumour radioactivity reaching approximately 150 times greater than blood levels and survival outcomes in HER2-positive models exceeding those recorded for Enhertu.
The collaboration sits within a diversified portfolio, which includes:
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Clinical-stage DEP® assets
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Preclinical radiopharmaceutical assets
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Research collaborations
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Three commercially marketed over-the-counter (OTC) products
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Two decades of dendrimer technology experience
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What happens next
The program has now entered the option period, during which Radiopharm will evaluate whether to take the exclusive licence. Maley noted, “We look forward to continuing to work with Radiopharm Theranostics during the option period.”
No exercise deadline or specific timeline for the option decision has been disclosed. For now, the announcement establishes a defined pathway that runs from AUD $0.5 million payable to a potential AUD $91 million plus royalties, contingent on the option being exercised and subsequent milestones being met.
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