AdvanCell clinches massive Andover lease for US radiopharmaceutical hub

USA—Clinical-stage radiopharmaceutical company AdvanCell has strengthened its US presence by securing a long-term lease for a 128,000-square-foot facility at Innovation Park in Andover, Massachusetts, near Boston.

The new site will serve as the company’s U.S. global headquarters and future manufacturing centre as it accelerates the development of targeted cancer therapies.

The lease is one of the largest life sciences property deals completed in the Greater Boston area this year.

The Australian company, founded in Sydney in 2019, said the new facility forms a key part of its long-term growth strategy.

It will complement AdvanCell’s existing research, development, and manufacturing operations in Brisbane, creating an integrated production network across Australia and the United States.

Company executives said the expansion will improve manufacturing capacity while supporting future commercial operations.

In parallel, AdvanCell is working with an undisclosed contract development and manufacturing organisation (CDMO) to secure additional drug product manufacturing capacity.

Meanwhile, the Andover facility will undergo specialised fit-out work before regulatory qualification for clinical and commercial production.

Supporting ADVC001 Development

The new manufacturing hub will primarily support ADVC001, AdvanCell’s lead investigational therapy for metastatic prostate cancer.

The treatment uses the radioactive isotope Lead-212 to deliver targeted alpha radiation directly to cancer cells while limiting damage to surrounding healthy tissue.

The company is currently advancing ADVC001 through a Phase II clinical trial and plans to move the therapy into Phase III development.

AdvanCell believes the candidate has the potential to become a best-in-class targeted alpha therapy for advanced prostate cancer because of its precision and favourable safety profile.

Dayle Hogg, AdvanCell’s Chief Operating Officer, said Innovation Park offers the infrastructure needed to support the company’s next phase of growth.

According to Hogg, the facility will enable AdvanCell to scale its proprietary Lead-212 manufacturing platform for Phase III studies and eventual commercial production.

Growing Investment in Radiopharmaceuticals

Although AdvanCell did not disclose the lease’s financial terms or duration, the announcement follows a period of rapid expansion for the company.

In February 2025, it raised US$112 million in an oversubscribed Series C financing round co-led by SV Health Investors, Sanofi Ventures, Abingworth, and SymBiosis.

The company joins a growing list of radiopharmaceutical developers attracting significant industry investment.

In recent years, the sector has seen significant acquisitions, including AstraZeneca’s US$2 billion acquisition of Fusion Pharmaceuticals, Bristol Myers Squibb’s US$4.1 billion acquisition of RayzeBio, and Eli Lilly’s US$1.4 billion acquisition of Point Biopharma Global.

Innovation Park also hosts the biotechnology company Generate Biomedicines, further strengthening the campus as a growing centre for advanced biopharmaceutical manufacturing and research.