Australia-based Telix Pharmaceuticals has agreed to acquire ITM Isotope Technologies Munich in a transaction valued at up to $2.35bn. The deal combines Telix's operations with ITM's radioisotope production business and late-stage treatment candidate ITM-11. The Australian company will pay $1.65bn upfront on a cash-free, debt-free basis.
An additional $700m may be payable if ITM-11 meets specified regulatory approval and sales milestones. The upfront consideration includes $1.25bn to be paid through 105.8m Telix shares, priced at $11.841 each using the 30-day trailing volume-weighted average price at signing. The shares will be released as Nasdaq-listed American depositary receipts (ADRs) after applicable escrow periods.
Telix will also assume $302m of ITM net debt at closing, alongside $96m of management equity rollover and transaction expenses payable by sellers, subject to closing adjustments. ITM shareholders are expected to hold 23.7% of Telix shares after completion while existing Telix shareholders would own 76.3%. Telix's board has approved the transaction, and shareholders holding more than 90% of ITM shares had approved it at signing.
ITM produced $273m in revenue in 2025 and reported a compound annual growth rate of 40% from 2021 to 2025. Founded in 2004, the privately held company manufactures radioisotopes such as actinium-225, lutetium-177 and terbium-161, and has a distribution network covering more than 65 countries. Its pipeline includes ITM-11, also known as lutetium-177 edotreotide, which is being developed for gastro-enteropancreatic neuroendocrine tumours.
The candidate has completed its primary Phase III clinical development programme, including the COMPETE and COMPOSE trials. Contingent payments include up to $250m for US Food and Drug Administration (FDA) approvals across three indications, subject to stated deadlines, and up to $450m based on ITM-11 global net sales exceeding $150m in the 2030 financial year. Telix may pay the milestone consideration in cash or shares.
Telix managing director and group CEO Dr Christian Behrenbruch said: "This merger positions Telix at the forefront of the consolidation that is occurring as the industry matures. "ITM is the leader in radioisotope production, with deep scientific expertise and a track record of value-adding innovation. "We have enjoyed a close working relationship with ITM for many years, and there is strong management alignment for the rationale behind this transaction." The deal is expected to close by the end of the 2026 financial year, subject to Telix shareholder and regulatory approvals.
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