Telix to Acquire ITM in $1.65 Billion Radiopharmaceutical Deal

Telix Pharmaceuticals has agreed to acquire ITM Isotope Technologies Munich in a deal valued at $1.65 billion, bringing together two companies with expertise in radiopharmaceutical development and radioisotope manufacturing.

The proposed transaction is designed to create a vertically integrated radiopharmaceutical company with capabilities spanning drug development, isotope production, manufacturing and global distribution. The deal is subject to Telix shareholder approval, regulatory clearances and other customary closing conditions, with completion expected by the end of 2026.

Under the agreement, Telix will acquire 100% of ITM. About $1.25 billion of the upfront consideration is expected to be paid to ITM shareholders through Telix shares, while Telix will also assume approximately $302 million in net debt. ITM shareholders could receive an additional $700 million if certain regulatory and commercial milestones for ITM-11 are achieved.

ITM is a major supplier of therapeutic radioisotopes, including lutetium-177, actinium-225 and terbium-161. The company operates a commercial-scale radioisotope manufacturing and distribution network covering more than 65 countries. ITM reported revenue of $273 million in 2025.

The acquisition would also add ITM’s late-stage radiopharmaceutical pipeline to Telix. One of the key assets is ITM-11 (lutetium-177-edotreotide), an investigational treatment targeting somatostatin receptors in patients with gastroenteropancreatic neuroendocrine tumors (GEP-NETs).

ITM-11 has completed a Phase 3 study and a second Phase 3 trial, COMPOSE, is fully enrolled. An interim analysis from the COMPOSE study is expected in the first half of 2027. If approved, ITM-11 could provide Telix with an entry into the commercial therapeutic radiopharmaceutical market for neuroendocrine tumors.

Telix said the combination would also strengthen its access to radioisotopes needed for its growing therapeutic pipeline. The company already operates a commercial precision medicine platform and has a broad pipeline of radiopharmaceutical therapies.

The combined business is expected to generate more than $1.3 billion in unaudited pro forma revenue and income in 2026, based on management estimates. Telix expects manufacturing growth, cost savings and other synergies to contribute positively to EBITDA from 2027, subject to the timing of the transaction and expected synergies.

The deal comes as demand for radiopharmaceuticals continues to grow, with pharmaceutical companies investing in targeted radionuclide therapies for cancer. By combining ITM’s isotope manufacturing capabilities with Telix’s therapeutic and commercial operations, the companies aim to strengthen their position across the radiopharmaceutical supply chain.