Telix inks US$1.67B acquisition deal for Germany’s ITM Isotope Technologies

AUSTRALIA—** Australia-based Telix Pharmaceuticals has agreed to acquire German Radioisotope Company ITM Isotope Technologies Munich in a transaction valued at up to A $2.35 billion (US$1.67 billion).**

Under the agreement, Telix will pay A$1.65 billion (US$1.18 billion) upfront on a cash-free and debt-free basis.

The deal also includes potential milestone payments of up to A$700 million (US$498.7 million), depending on regulatory approvals and sales of ITM-11 sales.

The upfront consideration includes A$1.25 billion (US$890.5 million) in Telix shares.

The company will issue 105.8 million shares at A$11.841 each, based on its 30-day trailing volume-weighted average price at signing.

The shares will be released as Nasdaq-listed American depositary receipts after applicable escrow periods.

Telix will also assume A$302 million (US$215.1 million) in ITM net debt and account for A$96 million (US$68.4 million) in management equity rollover and transaction expenses, subject to closing adjustments.

Following completion, ITM shareholders are expected to hold 23.7% of Telix, while existing Telix shareholders will retain 76.3%.

ITM brings radioisotope production and ITM-11

Founded in 2004, privately held ITM manufactures medical radioisotopes, including actinium-225, lutetium-177, and terbium-161. Its distribution network covers more than 65 countries.

The company generated A$273 million (US$194.5 million) in revenue in 2025 and recorded a compound annual growth rate of 40% between 2021 and 2025.

Its pipeline includes ITM-11, also known as lutetium-177 edotreotide, which is being developed to treat gastro-enteropancreatic neuroendocrine tumours.

The candidate has completed its primary Phase III clinical development programme through the COMPETE and COMPOSE trials.

Under the agreement, Telix could pay up to A$250 million (US$178.1 million) for US Food and Drug Administration approvals covering three indications, subject to specified deadlines.

A further A$450 million (US$320.6 million) could be payable if global net sales of ITM-11 exceed A$150 million (US$106.9 million) in the 2030 financial year.

Telix may settle the milestone payments in cash or shares.

Completion expected in 2026

Telix Managing Director and Group CEO Dr. Christian Behrenbruch said the transaction would bring together Telix’s operations and ITM’s radioisotope production capabilities.

He said the companies had maintained a close working relationship for several years and that their management teams were aligned on the rationale for the transaction.

Telix’s board has approved the acquisition, while shareholders representing more than 90% of ITM’s shares had approved the deal at signing.

The transaction is expected to close by the end of Telix’s 2026 financial year, subject to shareholder and regulatory approvals. Telix plans to hold an extraordinary general meeting in November 2026.

In July, Telix opened a radiopharmaceutical research, manufacturing and treatment facility in Melbourne to support the development and delivery of cancer treatments.

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