Telix to Buy ITM for Up to $2.35 Billion, Tightening Grip on Cancer Radioisotopes

The deal and the price

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.

What Telix is buying

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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Operations, scale, and timing

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.

What needs to happen next

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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