Australia’s Telix Pharmaceuticals has agreed to acquire Germany-based ITM Isotope Technologies Munich for an upfront consideration of $1.65 billion, in a deal aimed at strengthening Telix’s position across the radiopharmaceutical supply chain.
Under the agreement, Telix will pay approximately $1.25 billion in its shares and assume $302 million in ITM’s net debt and other transaction-related costs.
ITM shareholders are expected to receive 105.8 million Telix shares, with Telix shareholders projected to own about 76.3% of the combined company following completion of the transaction.
Telix will also provide up to $700 million in additional consideration linked to regulatory approvals and sales milestones for ITM’s lead drug candidate, ITM-11.
Munich-based ITM supplies therapeutic radioisotopes, including lutetium-177, actinium-225 and terbium-161, and operates a global distribution network spanning more than 65 countries.
The company generated $273 million in revenue in 2025, representing a compound annual growth rate of 40% from 2021.
ITM-11, which is being developed as a treatment for gastroenteropancreatic neuroendocrine tumours, has completed a Phase 3 trial.
The transaction is expected to close by the end of 2026, subject to shareholder and regulatory approvals.
