Telix Pharmaceuticals Agrees to Acquire ITM Isotope Technologies Munich

Telix Pharmaceuticals, an Australian pharmaceutical company, agreed to acquire Germany's ITM Isotope Technologies Munich SE in a deal valued at up to $2.35 billion. The acquisition is intended to provide Telix with greater control over isotope supply and manufacturing capacity as the radiopharmaceuticals sector undergoes accelerating consolidation.

The transaction includes an upfront consideration of $1.65 billion, consisting of approximately $1.25 billion in Telix shares and the assumption of $302 million in net debt and transaction costs. Telix shareholders will own roughly 76.3% of the combined entity. The company may pay an additional $700 million based on regulatory approvals and sales milestones for ITM-11, a drug candidate for gastroenteropancreatic neuroendocrine tumors that has completed a Phase 3 trial.

ITM Isotope Technologies Munich operates a global distribution network for therapeutic radioisotopes across more than 65 countries and reported $273 million in revenue for 2025. The deal is expected to close by the end of 2026, pending shareholder and regulatory approvals.