Full-Life Technologies

# Full-Life Technologies: A Comprehensive Analysis

High-Level Overview

Full-Life Technologies is a fully integrated global radiotherapeutics company headquartered in Shanghai, China, with operations spanning Belgium, Germany, and China.[1][2] Rather than a traditional technology firm, Full-Life operates at the intersection of biotechnology and pharmaceutical manufacturing, focusing on the discovery, development, production, and commercialization of radiopharmaceuticals—drugs that use radioactive isotopes to target and treat cancer.

The company's core mission is to own the entire value chain for radiopharmaceutical research and development, production, and commercialization.[1] This vertical integration approach distinguishes Full-Life from competitors who typically specialize in single segments of the radiopharmaceutical ecosystem. The company serves oncology patients, particularly those with difficult-to-treat cancers like metastatic castration-resistant prostate cancer, by developing precision medicine solutions that deliver radioactive payloads directly to tumor sites. Full-Life's growth momentum has been substantial, evidenced by its progression through multiple funding rounds and strategic partnerships, culminating in a $77 million financing round completed in September 2025 comprising approximately $50 million in Series C equity and $27 million in debt financing.[1]

Origin Story

Full-Life Technologies was founded by Lanny Sun, who serves as Co-founder and Chief Executive Officer.[1] The company emerged from recognition of a fundamental gap in the radiopharmaceutical industry: while the science of radiotherapy was advancing rapidly, the infrastructure for manufacturing and distributing these complex drugs at scale remained fragmented and underdeveloped.

The founding team assembled seasoned scientists and entrepreneurs with proven track records in life sciences and radioisotope research.[1] A pivotal moment came in May 2022 when Full-Life completed a $37 million Series A financing round led by Sequoia China, alongside investors including Yunion Healthcare Ventures, Junson Capital, CD Capital, and Kunlun Capital.[5] This validation from tier-one venture capital firms signaled confidence in the company's strategy and execution capability. The company subsequently achieved critical milestones, including securing FDA Fast Track Designation in July 2024 for its lead compound 225Ac-FL-020 for metastatic castration-resistant prostate cancer treatment, and executing a landmark $571.5 million licensing agreement with SK Biopharmaceuticals for its FL-091 radiopharmaceutical compound.[1]

Core Differentiators

Vertical Integration Across the Value Chain

Full-Life's most significant differentiator is its end-to-end approach to radiopharmaceuticals. Rather than focusing solely on drug discovery or manufacturing, the company controls research and development, production, logistics, and commercialization. This integration reduces dependencies on external partners and enables faster iteration and quality control.[1][2]

Advanced Manufacturing Infrastructure

The company is constructing a state-of-the-art GMP (Good Manufacturing Practice) manufacturing facility in Belgium, which began construction in December 2023 and obtained a Nuclear Permit for a class IIA facility from the Belgium Federal Agency for Nuclear Control in March 2024.[1][4] Once operational at full capacity, this facility will provide Ac-225 therapies to tens of thousands of cancer patients annually, addressing a critical supply bottleneck in the radiopharmaceutical market.[4]

Proprietary Radiotechnology Platform

Full-Life has developed a holistic radiotechnology platform that takes a comprehensive approach to production and logistics of radiopharmaceutical drug products.[2] The platform enables the company to attach radionuclides to various targeting vectors—including peptides, small molecules, and single domain antibodies—which deliver the radioactive payload directly to tumor sites with precision.[2]

Strategic Partnership Validation

The $571.5 million agreement with SK Biopharmaceuticals represents significant validation of Full-Life's technology and commercial potential, providing both financial resources and a pathway to global commercialization.[1]

Role in the Broader Tech Landscape

Full-Life operates within the precision oncology revolution, where advances in molecular biology and imaging are enabling increasingly targeted cancer treatments. The radiopharmaceutical sector specifically addresses a critical unmet need: many cancers express specific receptors or antigens that can be targeted with radioactive compounds, offering therapeutic benefits with potentially fewer side effects than traditional chemotherapy.

The timing is particularly favorable due to several converging trends. First, regulatory agencies including the FDA are actively supporting radiopharmaceutical development through mechanisms like Fast Track Designation, recognizing the therapeutic potential of this modality.[1] Second, the global shortage of radioisotopes like Ac-225 has created urgent demand for new manufacturing capacity, positioning companies with production infrastructure as essential infrastructure providers. Third, the broader biotech ecosystem has matured sufficiently to support complex, capital-intensive ventures like Full-Life's manufacturing operations.

Full-Life's influence extends beyond its own pipeline. By demonstrating that a fully integrated radiopharmaceutical company can attract world-class capital and execute at scale, the company is validating a business model that may inspire similar ventures. The company's manufacturing facility in Belgium also positions Europe as a hub for radiopharmaceutical production, potentially reshaping the geographic distribution of pharmaceutical manufacturing.

Quick Take & Future Outlook

Full-Life Technologies stands at an inflection point. The company has successfully transitioned from early-stage development to clinical validation (with FDA Fast Track Designation) and is now scaling manufacturing infrastructure. The critical question ahead is execution: can the Belgian facility achieve the promised production capacity and quality standards while maintaining cost competitiveness?

Looking forward, several trends will shape Full-Life's trajectory. The continued consolidation of oncology toward precision medicine will drive demand for targeted radiopharmaceuticals. Regulatory pathways for radiopharmaceuticals will likely become more standardized, reducing development timelines. Competition will intensify as larger pharmaceutical companies recognize the opportunity and enter the space. Finally, the success of Full-Life's manufacturing facility will determine whether the company becomes a critical infrastructure provider for the entire radiopharmaceutical ecosystem—a position of significant strategic and financial value.

The company's evolution from a discovery-focused biotech startup to a vertically integrated manufacturing and commercialization powerhouse reflects a maturation of the radiopharmaceutical industry itself. Full-Life's success would validate that radiopharmaceuticals represent not just a niche therapeutic modality, but a fundamental pillar of next-generation cancer treatment.