Telix Pharmaceuticals Ltd. has agreed to buy ITM Isotope Technologies Munich SE, a transaction that could total $2.35 billion. The initial payment totals $1.65 billion, leaving the business free of cash and debt, and a further amount of up to $700 million depends on ITM-11 meeting milestones. Roughly $1.25 billion of the upfront will be issued in Telix stock at $11.84 per share, and the Australian buyer will take on $302 million of ITM's debt.
This is about shoring up supply and adding a near-term product. By revenue, ITM ranks as the world's largest provider of lutetium-177, and it intends to scale output of actinium-225 and terbium-161, and a distribution network that reaches more than 65 countries. The deal also brings in ITM-11, a radiopharmaceutical for gastroenteropancreatic neuroendocrine tumors which showed favorable outcomes in a late-stage study.
In August, according to Telix, the US Food and Drug Administration sent a complete response letter pointing to problems with manufacturing controls and third-party facilities, while noting no clinical or nonclinical shortcomings. Up to $700 million of the total consideration depends on ITM-11's regulatory and sales milestones, including as much as $250 million tied to FDA approvals across three indications.
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Telix says the combination would help secure radioisotope supplies as demand for nuclear cancer treatments builds. In 2025, ITM recorded $273 million in revenue. Telix projects the combined company will produce over $1.3 billion in revenue plus other income in 2026, and it anticipates ITM will add to operating profit starting in 2027.
ITM plans to resubmit its US application for ITM-11, and either that resubmission or an agreed plan forward with Telix is a condition to close. The deal still needs Telix shareholder approval and regulatory clearances. Closing is expected by the end of 2026, and, following completion, ITM shareholders would hold roughly 23.7% of Telix.
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