Eckert & Ziegler SE (AO) | Buy | Announces a Pb-212 supply partnership with Thor Medical

Research evidence excerpt

Eckert & Ziegler SE (AO) | Buy | Announces a Pb-212 supply partnership with Thor Medical

Eckert & Ziegler SE Buy | Target Price: EUR20.30

The scientific rationale is also differentiated. Pb-212 benefits from a theranostic pairing with Pb-203, which is chemically identical

and has near-identical in vivo pharmacokinetics. This gives Pb-212 a potentially important advantage in dosimetry and patient

selection, because the imaging isotope can act as a more precise surrogate for the therapeutic isotope. In our view, this could

become increasingly relevant as regulators apply more scrutiny to dosimetry, biodistribution and patient-specific safety margins

in alpha therapy programmes. Ac-225 has the advantage of greater investor awareness and a broader clinical footprint today, but

it does not offer the same clean isotope-pairing dynamic.

For EZAG, the direct read-across from the most advanced Pb-212 programme is likely limited. Orano Med has its own

manufacturing infrastructure, so we do not see AlphaMedix as the main commercial opportunity for EZAG. The more relevant

opportunity sits with the next tier of developers: companies with promising Pb-212 assets but without integrated isotope supply,

radiochemistry, GMP manufacturing, fill-finish and distribution capabilities. That is where EZAG’s one-stop-shop positioning

matters. If Pb-212 clinical adoption continues to broaden, many of these companies will need a credible external partner to scale

from early development into later-stage trials and, eventually, commercial supply.

The Thor Medical agreement strengthens that positioning. Thor Medical brings a dedicated Pb-212 supply route, while EZAG

brings radiopharmaceutical development, GMP-compliant manufacturing and distribution infrastructure. The agreement does