NorthStar Medical Technologies Appoints Jon Coulter as Non-Executive Chairman, Marking a Key Step in Leadership Succession for Continued Growth in the Radiopharmaceutical Sector
NorthStar Medical Technologies, LLC, a recognized global innovator in the development, production, and commercialization of advanced radiopharmaceuticals for both therapeutic use and medical imaging, has announced the appointment of Mr. Jon Coulter as its new Non-Executive Chairman. Mr. Coulter, a seasoned executive with a deep understanding of the radiopharmaceutical landscape, has served on NorthStar’s Board of Managers since 2010. His appointment, which took effect on March 26, 2025, follows a planned leadership succession process aimed at ensuring continued growth and corporate stability.
Mr. Coulter succeeds Mr. Stephen Merrick, who joined NorthStar in 2016 and has held multiple senior leadership positions, including President and CEO, before assuming the role of Executive Chairman in July 2023. Mr. Merrick is now stepping down from his leadership position as part of a long-planned retirement, leaving behind a legacy of transformation, expansion, and innovation at the company.
Strategic Significance of the Leadership Transition
The leadership change represents the next phase in NorthStar’s carefully designed succession plan, reflecting the company’s long-term vision to solidify its standing as a global leader in radiopharmaceutical innovation. Over the past decade, NorthStar has positioned itself at the forefront of the industry, with a focus on not only producing critical medical isotopes but also integrating modern manufacturing technologies to support emerging therapeutic radiopharmaceuticals.
NorthStar is unique in the U.S. market for its vertically integrated capabilities. It is the only domestic company to co-locate commercial-scale, multi-radioisotope production with radiopharmaceutical manufacturing at the same site. This integration enables the company to streamline the development of new therapeutic agents, strengthen reliability of supply, and support advanced patient treatment programs.
The company’s portfolio is aimed at addressing some of the most pressing challenges in modern healthcare, including the shortage of effective treatments for certain cancers and other serious diseases. With a strong pipeline of therapeutic radioisotopes, modern facilities, and a dedicated workforce, NorthStar’s leadership believes the organization is poised to unlock the full potential of radiopharmaceutical technology for global patient benefit.
Coulter’s Vision for the Future
In a statement following his appointment, Mr. Coulter expressed his enthusiasm for taking on the Non-Executive Chairman role during a period of substantial opportunity for NorthStar and the broader radiopharmaceutical market.
“I am honored to assume the role of Non-Executive Chairman at NorthStar and look forward to supporting the leadership team in driving continued growth,” said Mr. Coulter. “NorthStar’s industry-leading reputation is grounded in technological innovation, successful execution, and proven expertise. Our portfolio includes promising therapeutic radioisotopes, supported by world-class infrastructure that can accelerate the development of new therapies for a wide range of diseases.”
He highlighted the significance of NorthStar’s state-of-the-art patient dose development and manufacturing facility, noting that the company’s capabilities are unparalleled in the United States. Coulter emphasized that NorthStar’s integrated operations allow it to reliably supply both raw isotopes and finished radiopharmaceutical products—a capability critical for addressing patient needs worldwide.
Mr. Coulter also took the opportunity to recognize his predecessor’s contributions:
“On behalf of NorthStar, I want to express our gratitude to Steve Merrick, who throughout his years of leadership has been unwavering in his commitment to the company’s growth and success. Steve has helped transform NorthStar from a pre-commercial enterprise into a dynamic commercial-stage company. I am confident that, with NorthStar’s clear vision and highly motivated team, we will continue to expand treatment horizons for patients, ensuring a robust, reliable supply of radioisotopes and radiopharmaceutical products for people around the world.”
Stephen Merrick’s Legacy and Reflections
Reflecting on his time at the company, Stephen Merrick described his tenure as “exceptionally rewarding,” citing NorthStar’s transformation from a single-project pre-commercial business into a diversified, commercial-stage company with multiple growth opportunities.
“I am proud to have led the organization during a transformative period of growth and development,” Merrick said. “In my time here, we evolved from a single-project company into a business with a diversified portfolio that can truly help transform patient care. I have every confidence in Jon’s leadership and the capabilities of the NorthStar team to carry this growth forward.”
Mr. Merrick’s leadership saw NorthStar advance multiple groundbreaking projects, expand production capacity, and establish a global reputation for reliability and innovation. His retirement marks the conclusion of a significant chapter in NorthStar’s history, yet the strong foundation he leaves behind sets the stage for continued expansion.
CEO Perspective on the Transition
Frank Scholz, Ph.D., President and CEO of NorthStar, underscored the importance of a smooth leadership transition and praised both executives’ contributions.
“On behalf of NorthStar’s employees and executive team, I would like to congratulate Jon on his appointment and look forward to working with him to pursue the rich opportunities before us,” said Dr. Scholz. “It has been a privilege to work alongside Steve, whose leadership and dedication have been instrumental to our success. His vision and tireless work have built a solid foundation that we can continue to build upon.
Profiles of Key Leaders
Jon Coulter – Non-Executive Chairman
Jon Coulter brings decades of leadership experience across investment, corporate management, and military service. As Managing Director at Hendricks Holding Company, Inc. (HHC), Coulter oversees several portfolio companies, including NorthStar. His long-standing service on NorthStar’s Board since 2010 has given him deep insight into the company’s strategic trajectory.
Earlier in his career, Coulter was an investment banker at Robert W. Baird & Co., later becoming a Principal at Baird Capital Partners, where he focused on private equity investments in growth-stage companies. He also worked as an investment banker at Cleary Gull, Inc., advising on corporate finance transactions.
Before his corporate career, Coulter served 12 years in the U.S. Air Force as an Operations Staff Officer and Instructor Pilot, participating in Operation Desert Storm. He holds a Bachelor of Science degree from Purdue University and an MBA from the University of Wisconsin–Madison.
Frank Scholz, Ph.D. – President and CEO
Dr. Scholz joined NorthStar in June 2021 as Senior Vice President and Chief Operating Officer, bringing over two decades of pharmaceutical and life sciences experience. He was promoted to President and COO in 2022 and assumed the role of President and CEO in July 2023.
Prior to NorthStar, Scholz served as Managing Director at AlixPartners, where he co-led the global Healthcare and Life Sciences practice, helping pharmaceutical, medical device, and provider clients improve performance and operational efficiency.
His career also includes six years at Mallinckrodt Pharmaceuticals, where he held roles including President of the Specialty Generics business, leader of contract development and manufacturing organization (CDMO) BioVectra, and COO & Digital Innovation Officer. Before that, he was a Partner at McKinsey & Company, advising clients worldwide in healthcare, technology, and industrial sectors.
Dr. Scholz holds a Ph.D. in Economics and Business Management from the University of Bielefeld in Germany, an MBA from Georgetown University’s McDonough School of Business, and a Master’s in Economics from Leibniz University of Hannover.
Stephen Merrick – Former Executive Chairman
Stephen Merrick joined NorthStar in 2016 as Senior Vice President and COO before being appointed President and CEO in 2018. He transitioned to the Executive Chairman role in 2023. His career spans more than 30 years in the biotechnology, pharmaceutical, and life sciences industries, including leadership of nuclear medicine businesses.
Merrick’s expertise lies in integrating scientific innovation with engineering and commercial execution—a combination that proved critical to advancing NorthStar’s complex projects. Before entering the private sector, he served in the Royal Navy as a Nuclear Submarine Officer specializing in Navigation and Operations.
He holds a BSc (Honors) in Engineering Science from the University of Exeter and an MBA from the London Business School. He also completed the Royal Naval Staff College’s Nuclear General Course in Greenwich, U.K.
The Radiopharmaceutical Industry Context
NorthStar’s leadership change comes at a pivotal moment for the radiopharmaceutical industry. Therapeutic radioisotopes are increasingly recognized for their potential to treat hard-to-treat cancers and other diseases by delivering targeted radiation directly to diseased cells, minimizing damage to healthy tissue.
Demand for these therapies is rising, but supply chain constraints and production challenges have historically limited patient access. NorthStar’s investment in domestic production capacity and integrated manufacturing positions it as a key player in overcoming these barriers, particularly in the U.S., where reliance on imported isotopes has been a persistent issue.
By combining cutting-edge production facilities with a forward-looking product pipeline, NorthStar is not only addressing immediate market needs but also preparing for the next generation of radiopharmaceutical innovations.
With Jon Coulter as Non-Executive Chairman, Dr. Frank Scholz as President and CEO, and a strong operational team, NorthStar is well-positioned to expand its role as a leader in the global radiopharmaceutical market. The company’s focus on technological innovation, operational excellence, and patient-centered solutions aligns with broader healthcare trends toward precision medicine and targeted therapies.
The appointment of Coulter marks both continuity and renewal—maintaining strategic direction while injecting fresh energy into NorthStar’s growth plans. As the company continues to innovate in radioisotope production and expand its therapeutic portfolio, its leaders remain committed to the mission of delivering life-changing treatments to patients who currently have limited options.
