Telix agrees to acquire ITM for $1.65 billion upfront

Telix Pharmaceuticals has agreed to acquire ITM Isotope Technologies Munich in a transaction valuing ITM at US$1.65 billion upfront, primarily through the issuance of Telix shares, with up to US$700 million in additional milestone payments tied to ITM-11. The deal would combine Telix’s radiopharmaceutical development and diagnostic businesses with ITM’s large-scale production of therapeutic radioisotopes, including lutetium-177, actinium-225 and terbium-161. ITM reported US$273 million in 2025 revenue and brings ITM-11, a late-stage treatment for neuroendocrine tumors, along with commercial supply operations serving more than 65 countries. The companies project pro forma 2026 revenue above US$1.3 billion and expect the combination to strengthen supply-chain security and accelerate Telix’s expansion into targeted radionuclide therapies. The transaction remains subject to shareholder and regulatory approvals, with closing expected by the end of fiscal 2026; Telix shareholders would own approximately 76.3% of the combined company.