Telix agrees to acquire Germany's ITM Isotope for $1.65 billion

Australia's Telix Pharmaceuticals (ASX:TLX) announced on Monday that it has agreed to acquire Germany's ITM Isotope Technologies Munich for an upfront consideration of $1.65 billion, bolstering its position within the radiopharmaceutical supply chain.

As part of the agreement, Telix will issue approximately $1.25 billion in shares and take on $302 million of ITM's net debt along with other transaction-related expenses, the company said.

ITM shareholders are set to receive 105.8 million Telix shares, and the transaction implies that Telix shareholders would hold roughly 76.3% of the merged company.

Telix has also agreed to pay as much as $700 million in further consideration contingent on regulatory approvals and sales milestones for ITM-11, ITM's lead drug candidate.

Based in Munich, ITM provides therapeutic radioisotopes such as lutetium-177, actinium-225 and terbium-161, and runs a global distribution network covering more than 65 countries. The company recorded $273 million in revenue in 2025, representing a 40% compound annual growth rate from 2021.

ITM-11, a candidate for treating gastroenteropancreatic neuroendocrine tumors, has completed a Phase 3 study.

The deal is anticipated to close by the end of 2026, provided it receives shareholder and regulatory approvals.