The Pb-212 Supply Map
Where lead-212 comes from, how it becomes a dose, how far that dose can travel, and who is building the network the first approval will need.
Lead-212 supply works nothing like actinium-225's. Pb-212 halves in 10.6 hours, so it cannot be stockpiled and the business is built on its long-lived parents. This map traces the chain to the patient: who supplies the parent, how generators and qualified sites turn it into a dose, and what the 2025 transport standard means for shipping it.
November 2026 · Research cut-off: 4 November 2026
What this report answers
- Who supplies thorium-228 and radium-224 for Pb-212, by what route, and how mature is each source?
- How does the time a stripped thorium stock takes to recover shape who can sustain thorium-228 output?
- How do generators release Pb-212, and what still has to happen before it becomes a finished dose?
- Which companies own the parent, the generator and the dose site, and which rely on partners?
- What does the 2025 IAEA transport standard mean for how far a finished Pb-212 dose can travel?
- How far along is the clinical pipeline, and where are the trials?
- What should an investor or partner ask before backing a parent supplier, a generator, a dose network or a developer?
222 times lower
The cut to Pb-212's A2 value, the Type A package limit for material not in special form, in the 2025 IAEA transport standard. At about 200 MBq a dose, a package at the new limit holds about 4.5 doses at dispatch and about 188 MBq after 24 hours. These are activity-limit equivalents only: dose rate, shielding and package design can bind earlier. On 4 November 2026 the US NRC table in 10 CFR 71 still listed the previous value.
0 in Phase 3
Among 18 Pb-212 therapy records in ProGen's provisional count of 21 registry records as of 4 November 2026. The other three use Pb-203 for imaging alone.
What the analysis establishes
The physics sets the business
The decay chain from thorium-232 to stable lead-208, the alpha particle each completed Pb-212 chain produces, the gamma line that drives shielding design and the chelator chemistry that decides where the bismuth daughter goes. Then the delivery clock: how much activity a 200 MBq administration needs at dispatch after 2, 6, 12 and 24 hours in transit.
The parent: who controls the clock
The three routes to thorium-228 and the named sources of thorium-228 and radium-224, by country, route and status, from commercial production to research supply. How radium-228 regrowth sets the pace of the thorium route, and a map of one merchant supplier and its named counterparties.
From parent to dose: generators and sites
Generators release Pb-212; qualified sites make finished doses. The report compares published generator designs, maps who owns the parent, the generator and the finished-dose step in representative supply chains, and locates the named dose sites and parent production sites, operating, qualifying and planned.
Moving it: the transport standard
What the 2025 IAEA standard's change to Pb-212's A2 value means for a standard Type A package, at dispatch and after a day in transit, how the conditional transition to 2035 works, and what it means for where dose sites need to sit.
Demand, outlook and diligence
A provisional count of registered Pb-212 therapy and Pb-203 imaging trials by phase, target and country, selected programs and disclosed financings, milestones to watch from 2026 to 2035, ProGen's readings on where the market is heading, and the questions to ask of parent suppliers, generator makers, dose networks and developers.
About this intelligence
Built from public registries, regulatory publications, evaluated nuclear data, peer-reviewed literature and company disclosures, together with proprietary ProGen intelligence sources. Facts are linked to the public sources listed in the report. Interpretation is labeled ProGen reading, and company targets are labeled as targets. Trial counts are ProGen's own count of registry records. Calculations use evaluated nuclear data and are rounded. Information is as of 4 November 2026. Nothing in this report is investment advice.
Who it is for
Executives at Pb-212 and wider radiopharma developers, isotope, generator and CDMO operators, radiopharmacy and logistics providers, and the investors and deal teams who need to know where lead-212 supply comes from and what it takes to reach patients.
What you can use
- The named sources of thorium-228 and radium-224 for Pb-212, by route and status.
- Who owns the parent isotope, the generator and finished-dose manufacture in representative supply chains.
- A map of selected dose sites and parent production sites, with operator and status.
- The A2 arithmetic for a Type A package under the 2018 and 2025 standards, at dispatch and after transit.
- Questions for diligence on parent supply, generators, dose networks and developers.
Contents
- Executive summary: five findings
- The physics sets the business
- The parent: who controls the clock
- From parent to dose: generators and sites
- Moving it: the transport standard
- Demand: the clinical pipeline
- Where this is heading
- Questions for diligence
- Public sources
Organizations mapped include
Orano Med, Perspective Therapeutics, AdvanCell, ARTBIO, Thor Medical, US Department of Energy Isotope Program, Van Overeem Nuclear, NRG PALLAS, Telix, RadioMedix
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About ProGen
Byron Fitzgerald, founder of ProGen Search, places VP to C-suite leaders across radiopharma manufacturing, quality, CMC, operations and commercial roles, and publishes the market intelligence behind those searches.
A named isotope or supplier mapped the way this report maps Pb-212, dose-site network strategy, and competitor and partner landscapes, built around your decision.
The Quality, MSAT, CMC, radiopharmacy and site leaders who build and run these networks.