Telix to Acquire ITM in $1.65 Billion Radiopharmaceutical Merger
Telix Pharmaceuticals has signed an agreement to acquire ITM Isotope Technologies Munich SE, combining Telix’s diagnostic and therapeutic pipeline with ITM’s global radioisotope production and distribution network.
Under the agreement, Telix will acquire ITM for $1.65 billion upfront, cash-free and debt-free. ITM shareholders are expected to receive approximately $1.25 billion in Telix shares, while Telix will assume $302 million in net debt. The deal also includes up to $700 million in contingent payments tied to regulatory approvals and commercial milestones for ITM-11.
ITM produces therapeutic radioisotopes including lutetium-177, actinium-225, and terbium-161. Its distribution network serves more than 65 countries. The company generated $273 million in revenue in 2025, representing a 40% compound annual growth rate since 2021.
The acquisition also adds ITM-11 (lutetium-177 edotreotide), a somatostatin receptor-targeted therapy for gastroenteropancreatic neuroendocrine tumors, to Telix’s pipeline. ITM-11 has completed the Phase 3 COMPETE trial, while the Phase 3 COMPOSE indication-expansion study is fully enrolled, with an interim analysis expected during the first half of 2027.
The combined company is expected to generate more than $1.3 billion in unaudited pro forma revenue and income in 2026. Telix said manufacturing growth, cost savings, and other synergies are expected to support a positive EBITDA contribution beginning in 2027.
“This merger positions Telix at the forefront of the consolidation that is occurring as the industry matures,” said Christian Behrenbruch, MD, Telix managing director and group CEO.
ITM CEO Andrew Cavey, MD, said the merger would create a company with “unmatched breadth and depth across the value chain.”
Following completion, existing Telix shareholders will own approximately 76.3% of the combined company, and ITM shareholders will own 23.7%. The transaction is expected to close by the end of 2026, subject to shareholder and regulatory approvals and other customary conditions.