NorthStar Medical Technologies, LLC Appoints Jon Coulter as Non-Executive Chairman

BELOIT, Wis.--(BUSINESS WIRE)--NorthStar Medical Technologies, LLC, a global innovator in the development, production and commercialization of radiopharmaceuticals used for therapeutic applications and medical imaging, today announced the appointment of Mr. Jon Coulter as Non-Executive Chairman. Mr Coulter has been a Board Member of NorthStar since 2010 and was appointed to the post effective March 26, 2025. He succeeds Mr. Stephen Merrick, who joined NorthStar in 2016, has served as Executive Chairman since July 2023 and is now retiring from that position.

The changes announced today are the next step in a thoughtfully planned leadership succession that reflects and supports NorthStar’s long-term strategy for continued growth and corporate development to become a global leader in the radiopharmaceutical industry.

“I am honored to assume the role of Non-Executive Chairman at NorthStar and look forward to supporting NorthStar’s leadership team in driving continued growth,” said Mr. Coulter “NorthStar’s industry-leading reputation is grounded in technological innovation, successful execution and proven expertise. The company’s portfolio includes promising therapeutic radioisotopes and both modern infrastructure and capabilities to help advance development on of therapeutic radiopharmaceuticals to treat a broad range of diseases. We have a state-of-the-art patient dose development and manufacturing facility and are the only U.S. based company to have co-located commercial scale multi-radioisotope production and radiopharmaceutical manufacturing. We believe our portfolio of products and services can help unlock the promise of radiopharmaceuticals to meet the needs of patients who today have far too few effective treatment options.”

Mr Coulter continued, “On behalf of NorthStar, I want to express our thanks and appreciation to Steve Merrick, who throughout his many years of leadership has been committed to the growth and success of the company. I’m confident that with NorthStar’s vision and its’ highly motivated team, we will continue to expand treatment horizons for patients by working to ensure a robust, reliable supply of radioisotopes and radiopharmaceutical products for people around the world.

“It has been exceptionally rewarding to have served as a senior leader at the company for nine years, and I am proud to have led the organization during a transformative period of growth and development. During that time we evolved from a pre-commercial, single project company to a commercial stage business with a diversified portfolio of opportunities that can help transform patient care”, said Stephen Merrick. “I am confident that our new leadership can continue to drive this growth and wish Jon and the leadership team continued success”

Commenting on the leadership transition and Coulter’s appointment, Frank Scholz, President and CEO of NorthStar said, “On behalf of NorthStar’s employees and its’ executive team, I would like to congratulate Jon on this appointment, and look forward to working with him to pursue the rich opportunities before us. It has been a privilege to work alongside Steve and I would like to thank him for his many contributions and years of dedication to the business. As he steps down, I am grateful for the strong foundation he has built and am excited to continue to build upon it for future growth.”

Jon Coulter, Non-Executive Chairman
Jon Coulter is Managing Director at Hendricks Holding Company, Inc. (“HHC”) and has responsibility for several HHC portfolio companies, including NorthStar Medical Technologies LLC. Jon has served on NorthStar’s Board of Managers since 2010. Before joining HHC, Jon was an investment banker at Robert W. Baird & Co. (“Baird”) and a Principal at Baird Capital Partners, the private equity arm of Baird. Jon also was an investment banker at Cleary Gull, Inc. Jon served twelve years in the U.S. Air Force as an Operations Staff Officer and Instructor Pilot, and is a veteran of Operation Desert Storm. He earned a Bachelor of Science from Purdue University and an M.B.A. from the University of Wisconsin–Madison.

Frank Scholz, Ph.D., President and Chief Executive Officer
Dr. Scholz joined NorthStar in June 2021 as Senior Vice President and Chief Operating Officer, bringing more than 20 years of relevant experience in the pharmaceutical and life sciences industries to the Company. In 2022, he was promoted to President and Chief Operating Officer before assuming the role of President and Chief Executive Officer in July 2023. Prior to joining NorthStar, Dr. Scholz was a Managing Director at AlixPartners, where he was a global leader of the Healthcare and Life Sciences practice. During his tenure, he was responsible for leading teams focused on improving the performance of clients in the pharmaceutical, medical devices and provider industries, as well as for building a leading global practice in the healthcare and life sciences sector. Prior to AlixPartners, he spent more than 6 years with Mallinckrodt Pharmaceuticals, where he held executive leadership positions including President of the Specialty Generics Business, leader of BioVectra (a CDMO) and overall COO & Digital Innovation Officer of Mallinckrodt. Prior to Mallinckrodt, Dr. Scholz was a partner at McKinsey and Company, where he served clients globally for 16 years in the pharmaceutical, medical devices and industrial high-tech industries. He holds a Ph.D. in Economics and Business Management from the University of Bielefeld, Germany, an MBA from the Georgetown University McDonough School of Business in Washington D.C., and a Master’s in Economics from the Leibniz University of Hannover, Germany.

Stephen Merrick, Former Executive Chairman and Board Member
Mr. Merrick joined NorthStar in March 2016 as Senior Vice-President and Chief Operating Officer and was appointed as President and Chief Executive Officer of NorthStar in September 2018, and Executive Chairman in July 2023. He has more than 30 years of experience in the biotechnology, pharmaceutical and life sciences industries. He has held multiple executive positions with leading multinational companies, including leadership of nuclear medicine businesses. Steve has extensive general management and corporate officer experience, and a proven record of accomplishment with integrating science, engineering and commercial activities to drive complex projects to successful completion. He also served in the Royal Navy as a Nuclear Submarine Officer, where he specialized in Navigation and Operations. He received a BSc (Honors) in Engineering Science from the University of Exeter and an MBA from the London Business School, both in the United Kingdom. He also completed the Nuclear General Course at the Royal Naval Staff College, Greenwich in the United Kingdom.

About NorthStar Medical Technologies, LLC (NorthStar)
NorthStar Medical Technologies, based in Beloit, Wis., is the parent organization of several wholly-owned subsidiaries, including NorthStar Medical Radioisotopes, LLC.

NorthStar Medical Radioisotopes is a commercial-stage radiopharmaceutical company at the forefront of advancing patient care by utilizing novel technologies to produce commercial-scale radioisotopes that, once attached to a molecule, have the ability to detect and treat cancer and other serious diseases. NorthStar’s expanding industry-leading position in the emerging field of radiopharmaceutical therapy is supported by its unique capabilities in the sophisticated production of radioisotopes, proven management team, and state-of-the-art, environmentally preferable technologies. NorthStar produces copper-67 (Cu-67) and is poised to be one of the first commercial-scale producers of non-carrier added actinium-225 (n.c.a. Ac-225). The Company’s Radiopharmaceutical Contract Development and Manufacturing Organization (CDMO) services unit provides customized service offerings and specialized radiopharmaceutical expertise to help biopharmaceutical companies rapidly advance their development and commercial programs. For more information about NorthStar’s comprehensive portfolio and patient-focused services, visit: www.northstarnm.com.