Australian biopharmaceutical leader Telix Pharmaceuticals has signed a definitive agreement to acquire Germany’s ITM Isotope Technologies Munich SE in a transformational transaction valued at up to $2.35 billion. The deal combines Telix’s extensive precision medicine platform with ITM’s commercial-scale radioisotope manufacturing and late-stage clinical pipeline, establishing a vertically integrated giant in the rapidly growing nuclear medicine sector.
Under the terms of the agreement, Telix will pay an upfront consideration of $1.65 billion on a cash-free and debt-free basis. ITM shareholders will receive approximately $1.25 billion in Telix equity—issued as Nasdaq-listed American Depositary Receipts—alongside the assumption of $302 million in net debt and transaction adjustments. Additionally, the deal includes up to $700 million in contingent consideration tied to regulatory milestones and commercial sales targets for ITM’s lead therapeutic candidate. Upon closing, existing Telix shareholders will hold roughly 76.3% of the combined company, with ITM shareholders owning 23.7%.
The strategic merger significantly strengthens Telix’s control over its supply chain. Munich-based ITM is the world’s sole commercial-scale supplier of no-carrier-added lutetium-177, a critical therapeutic radioisotope used in targeted radionuclide therapies. ITM generated $273 million in revenue in 2025 across its distribution network spanning more than 65 countries. The combined entity expects pro forma 2026 revenue to exceed $1.3 billion, supported by ITM’s profitable manufacturing operations and projected operational synergies.
Beyond infrastructure, the acquisition enhances Telix’s oncology pipeline with ITM-11, a Phase 3 therapeutic candidate designed to treat gastroenteropancreatic neuroendocrine tumors. Having completed its pivotal Phase 3 COMPETE trial, ITM-11 offers a near-term path to commercialization in a high-value therapeutic market.
The transaction has received approval from Telix’s board of directors and over 90% of ITM shareholders. Closing remains subject to customary regulatory approvals and a Telix shareholder vote scheduled for November 2026, with completion expected by the end of the year.
