Telix to Buy ITM in $1.65B Radiopharma Deal

Telix Pharmaceuticals has agreed to acquire ITM Isotope Technologies Munich SE in a transaction valued at $1.65 billion, combining one of the radiopharmaceutical sector’s leading commercial players with a major producer of therapeutic radioisotopes.

The merger is designed to strengthen Telix’s position as a vertically integrated radiopharmaceutical company by adding ITM’s isotope production, manufacturing, and global distribution capabilities. ITM is a key supplier of lutetium-177 and also has capabilities in actinium-225 and terbium-161 production. The company operates in more than 65 countries and generated $273 million in revenue in 2025.

Telix Managing Director and Group CEO, Dr. Christian Behrenbruch, said, “By combining our complementary strengths, we will create a company with commercial scale, world-leading supply and the most exciting theranostic drug portfolio in the sector. Importantly, this combination further expands our late-stage therapeutic pipeline with two completed Phase 3 trials and deepens radioisotope security, while bringing together the mission critical capabilities needed to deliver radiopharmaceutical treatments to patients around the world.”

ITM CEO, Dr. Andrew Cavey, added, “Joining two radiopharmaceutical pioneers creates a company with unmatched breadth and depth across the value chain, supported by deep expertise and talent. Our management teams have a track record of working together and a nuanced understanding of our respective commercial strengths and customer relationships. Together, we believe Telix and ITM will be uniquely positioned to capitalize on rapidly growing global demand for radiopharmaceuticals to the benefit of both Shareholders and patients.”

Terms of the Merger

A major asset in the transaction is ITM-11 (lutetium-177 edotreotide), a late-stage targeted radiotherapeutic for gastroenteropancreatic neuroendocrine tumors (GEP-NETs). The candidate has completed a successful Phase 3 trial and could accelerate Telix’s entry into the commercial therapeutic radiopharmaceutical market if approved.

Under the agreement, ITM shareholders are expected to receive approximately $1.25 billion in Telix shares, with additional contingent payments of up to $700 million tied to regulatory approvals and commercial sales milestones for ITM-11. Telix will also assume approximately $302 million in net debt.

The combined company is expected to generate more than $1.3 billion in pro forma 2026 revenue, according to management estimates. Following the transaction, existing Telix shareholders will own about 76.3% of the combined entity, while ITM shareholders will hold roughly 23.7%.

The deal has been approved by Telix’s board and shareholders representing more than 90% of ITM shares have backed the transaction. Closing is expected by the end of fiscal 2026, subject to shareholder, regulatory, and customary closing approvals.