Australia’s Telix to acquire Germany’s ITM for $2.2 billion, targeting radiopharmaceutical leadership

Australian radiopharmaceutical company Telix will acquire German peer ITM for $1.65 billion (about 2.211 trillion won).

According to BioPharma Dive on the 20th local time, Telix announced that it had agreed to acquire all of ITM’s shares for an upfront payment of $1.65 billion. Telix will pay up to an additional $700 million (about 938 billion won) if ITM-11, ITM’s lead drug candidate, meets certain regulatory approval and sales targets.

Once the transaction closes, Telix shareholders will own approximately 76.3% of the combined company, with the remainder held by ITM shareholders. Telix’s board and investors holding more than 90% of ITM’s shares have approved the transaction, which is expected to close by the end of fiscal 2026.

The merger will make the two companies leaders in radiopharmaceutical development. Radiopharmaceuticals are cancer treatments that deliver radioactive substances directly to tumors, and industry investment surged after Novartis’ Lutathera was approved in 2018 and Pluvicto in 2022. Pluvicto generated about $2 billion in revenue for Novartis last year.

ITM is a 22-year-old startup that supplies radiopharmaceutical materials while developing more than 10 therapeutic programs. Its most advanced candidate, ITM-11, is a competing drug to Lutathera targeting the neuroendocrine tumor treatment market.

ITM-11 received a rejection decision from U.S. regulators last month. ITM said at the time that the issue involved its manufacturing facility rather than clinical data. In the announcement, Telix described ITM-11 as a “differentiated therapy” and said phase 3 results for a second indication could be available in 2027.

The acquisition is also expected to strengthen the combined company’s manufacturing and distribution capabilities. Radioactive materials are difficult to produce at scale because supplies are limited and transportation is controlled. Through the acquisition, Telix will gain an isotope manufacturing and distribution network spanning more than 65 countries.

Andy Shay, an analyst at William Blair, said in a client note that “the transaction will enable Telix to further consolidate its control of the industry and advance a diverse product portfolio from development through commercialization,” adding that Telix “is on a path to achieving global radiopharmaceutical leadership.”

ITM’s radiopharmaceutical supply business generated $273 million in revenue in 2025. The combined company is expected to generate more than $1.3 billion in revenue and earnings this year.