Lansing, Michigan-based Niowave, Inc. and Boston-based Ratio Therapeutics Inc. announced a supply agreement under which Niowave will provide actinium-225 (Ac-225) to support Ratio’s clinical-stage pipeline of targeted alpha therapies in oncology. The deal gives Ratio access to Niowave’s cGMP-grade Ac-225, produced using the company’s proprietary superconducting linear accelerator technology, and expands Ratio’s multi-source isotope supply strategy as it advances its lead candidate [Ac-225]RTX-2358 through clinical development. Financial terms were not disclosed.
Ratio’s lead program, [Ac-225]RTX-2358, is a fibroblast activation protein-alpha (FAP)-targeted alpha-emitting radiotherapeutic currently being evaluated in the Phase I/II ATLAS trial (NCT07156565) in patients with relapsed or refractory soft tissue sarcoma. The compound uses Ratio’s proprietary Trillium and Macropa platforms — a pharmacokinetic modulation system and a bifunctional Ac-225 chelator, respectively — to optimize tumor uptake, plasma clearance, and isotope stability. The Niowave agreement provides Ratio with an additional cGMP-compliant source of Ac-225 to support ongoing and future clinical studies, including later-stage development planning for [Ac-225]RTX-2358.
As a pure isotope supply contract, the agreement carries no disclosed upfront payment, milestones, royalties, or territorial restrictions. The arrangement is volume-based, consistent with Niowave’s prior supply agreements, and financial terms were not publicly released by either party.
Niowave has rapidly established itself as a preferred Ac-225 supplier for pharma and biotech. In February 2026, Niowave entered a long-term global supply agreement with Novartis to support its radioligand therapy portfolio, and in December 2025 expanded an existing agreement with AstraZeneca into a 10-year global commitment tied to the company’s radioconjugate pipeline, including assets acquired through its USD 2.4 billion acquisition of Fusion Pharmaceuticals. The Ratio agreement is Niowave’s third disclosed supply partnership in roughly six months, and follows the company’s May 2026 groundbreaking on a USD 75 million second production facility in Lansing, Michigan, expected to become operational in 2028. Ratio, for its part, has assembled a diversified Ac-225 supply chain, having previously signed agreements with TerraPower Isotopes and Nusano, and in November 2024 licensed its SSTR2-targeting radiotherapeutic candidate to Novartis in a deal valued at up to USD 745 million.
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