Telix Pharmaceuticals Acquires ITM Isotope Technologies Munich in Deal Worth Up to $2.35 Billion
Australia-based Telix Pharmaceuticals has agreed to acquire privately held ITM Isotope Technologies Munich for up to $2.35 billion, combining its operations with ITM's radioisotope production business and late-stage treatment candidate ITM-11 (lutetium-177 edotreotide). The upfront payment of $1.65 billion is cash-free and debt-free, including $1.25 billion in Telix shares priced at $11.841 each. Additional payments totaling up to $700 million are contingent on regulatory approvals and sales milestones for ITM-11. ITM generated $273 million in revenue in 2025, with a compound annual growth rate of 40% from 2021–2025. The deal is expected to close by the end of Telix's fiscal year (FY) 2026 and requires shareholder approval at an extraordinary general meeting scheduled for November 2026. ITM shareholders will own approximately 23.7% of Telix post-transaction, while existing Telix shareholders retain a majority stake. Telix CEO Dr Christian Behrenbruch emphasized the strategic importance of consolidating in a maturing industry and leveraging ITM's leadership in radioisotope production.
Tickers: $TLX
Topics: Corporate finance Pharmaceuticals Radioisotope production