Telix to acquire ITM for $1.65 billion, advancing as a radiopharmaceutical leader

Australian radiopharmaceutical company Telix will acquire German isotope producer ITM in a deal valued at approximately 1.8 trillion won.

According to Biopharma Asia Pacific on the 21st local time, Telix Pharmaceuticals signed a strategic merger agreement to acquire 100% of ITM Isotope Technologies Munich (ITM) for $1.65 billion (approximately 2.211 trillion won).

The merger will transform Telix into a vertically integrated radiopharmaceutical company spanning development, isotope production and global manufacturing.

Founded in 2004, ITM is a privately held company with a distribution network in more than 65 countries and is the world’s largest supplier of the therapeutic radioisotope lutetium-177 (177Lu).

ITM is the only company producing commercial-grade 177Lu at global scale and also has production capabilities for actinium-225 (225Ac) and terbium-161 (161Tb).

ITM’s annual revenue in 2025 was $273 million, representing a compound annual growth rate of 40% from 2021 through 2025.

Under the terms of the transaction, Telix will pay $1.65 billion upfront on a cash-free, debt-free basis.

Of that amount, $1.25 billion will be paid in 105.8 million Telix shares valued at $11.84 per share and delivered as Nasdaq-listed American depositary receipts (ADRs) after the escrow period ends.

Telix will also assume $302 million in net debt and bear $96 million in management equity rollover and transaction costs.

In addition, up to $700 million in contingent consideration may be paid based on future regulatory approval and commercial sales performance for ITM-11.

ITM-11 is a treatment candidate for gastroenteropancreatic neuroendocrine tumors (GEP-NETs) that successfully completed the phase 3 COMPETE trial.

Another phase 3 trial evaluating an expanded indication, COMPOSE, has completed enrollment, with an interim analysis scheduled for the first half of 2027.

If approved by the U.S. Food and Drug Administration (FDA), ITM-11 is expected to accelerate Telix’s entry into the therapeutic radiopharmaceutical market.

Upon completion of the merger, Telix shareholders will own approximately 76.3% of the issued shares, while ITM shareholders will own approximately 23.7%.

The transaction has been approved by the Telix board and shareholders holding more than 90% of ITM’s equity and is expected to close by the end of fiscal year 2026, subject to approval by Telix shareholders and regulatory authorities.

Christian Berenbruch, CEO of Telix, said, "This merger places Telix at the forefront of the consolidation taking place as the industry matures. We will create a company with commercial scale, a world-class supply chain and the most compelling theranostic pharmaceutical portfolio in the field."

Andrew Kay, CEO of ITM, said, "The combination of two radiopharmaceutical pioneers will create a company with unparalleled breadth and depth across the value chain."