Australia-based radiopharmaceutical company Telix Pharmaceuticals has agreed to acquire ITM Isotope Technologies Munich in a transaction valued at up to $2.35 billion, combining Telix’s global operations with ITM’s leading radioisotope production business and its late-stage therapeutic candidate, ITM-11.
Under the terms of the agreement, Telix will pay $1.65 billion upfront on a cash-free, debt-free basis, with an additional $700 million potentially payable upon ITM-11 achieving specific regulatory approvals and commercial sales milestones. The upfront consideration includes the issuance of 105.8 million Telix shares, valued at $11.841 each based on the 30-day trailing volume-weighted average price at signing, representing an aggregate value of $1.25 billion. These shares will be released as Nasdaq-listed American Depositary Receipts (ADRs) following applicable escrow periods.
In addition, Telix will assume $302 million of ITM’s net debt at closing, alongside $96 million in management equity rollover and transaction expenses payable by the sellers, subject to closing adjustments. Upon completion of the transaction, ITM shareholders are expected to hold 23.7% of the combined company’s shares, with existing Telix shareholders retaining 76.3%.
The transaction has been approved by Telix’s board, as well as by shareholders holding more than 90% of ITM’s shares at the time of signing. Founded in 2004, privately held ITM manufactured $273 million in revenue in 2025, demonstrating a robust compound annual growth rate (CAGR) of 40% from 2021 to 2025. The company specializes in the production of critical radioisotopes, including actinium-225, lutetium-177, and terbium-161, and maintains an extensive distribution network spanning over 65 countries.
ITM’s diverse pipeline features ITM-11, also known as lutetium-177 edotreotide, which is currently under development for gastro-enteropancreatic neuroendocrine tumors (GEP-NETs). The candidate has successfully completed its primary Phase III clinical development program, including the pivotal COMPETE and COMPOSE trials. Contingent milestone payments include up to $250 million for US Food and Drug Administration (FDA) approvals across three indications, subject to specified deadlines, and up to $450 million based on global net sales of ITM-11 exceeding $150 million in the 2030 financial year. Telix may settle these milestone considerations in either cash or shares.
Dr. Christian Behrenbruch, Managing Director and Group CEO of Telix, commented, “This merger positions Telix at the forefront of the consolidation occurring as the industry matures. ITM is the leader in radioisotope production, boasting deep scientific expertise and a proven track record of value-adding innovation. We have enjoyed a close working relationship with ITM for many years, and there is strong management alignment regarding the strategic rationale behind this transaction.”
The deal is anticipated to close by the end of the 2026 financial year, contingent upon Telix shareholder and regulatory approvals. Telix plans to convene an extraordinary general meeting in November 2026 to seek shareholder approval.
