Telix to Merge With ITM in $1.6 Billion Deal, Creating Radiopharmaceutical Giant

Australian radiopharmaceutical company Telix will merge with German isotope producer ITM in a deal valued at $1.65 billion (approximately 2.211 trillion won).

According to BioPharma Asia Pacific on the 22nd local time, Telix Pharmaceuticals signed a strategic merger agreement with ITM Isotope Technologies Munich (ITM), a company that produces radioactive isotopes and develops radiopharmaceuticals.

Telix will acquire 100% of ITM for $1.65 billion on a cash- and debt-free basis. Approximately $1.25 billion of the consideration will be paid in 105.8 million Telix shares at $11.84 per share and delivered as Nasdaq-listed American depositary receipts (ADRs) after the escrow period ends.

The remaining $302 million represents the assumption of net debt, while $96 million covers management equity rollovers and transaction costs. In addition, up to $700 million will be paid if ITM-11 receives regulatory approval and achieves sales milestones.

Specifically, up to $250 million will be paid if the US Food and Drug Administration (FDA) approves ITM-11 for three indications, and up to $450 million will be paid if global net sales exceed $150 million in fiscal year 2030.

Upon completion of the merger, Telix shareholders will own 76.3% of the combined company and ITM shareholders will own 23.7%. The transaction is expected to close by the end of fiscal year 2026, subject to Telix shareholder approval and regulatory approvals.

Founded in 2004, ITM is a privately held company with a distribution network spanning more than 65 countries. It is the world’s largest supplier of the therapeutic radioisotope lutetium-177 and also has production capabilities for actinium-225 and terbium-161.

ITM reported 2025 annual revenue of $273 million, representing a compound annual growth rate of 40% from 2021 through 2025. The global nuclear medicine market is projected to reach $41 billion by 2034.

ITM-11, which ITM is developing as a treatment candidate for gastroenteropancreatic neuroendocrine tumors (GEP-NETs), has completed a phase 3 clinical trial. A phase 3 trial for a second indication expansion has completed enrollment, with an interim analysis scheduled for the first half of 2027.

Christian Berenbruch, CEO of Telix, said, "This merger will create a company with commercial scale, a world-class supply chain and one of the industry’s most compelling theranostic medicine portfolios."

Andrew Kaybee, CEO of ITM, said, "The combination of two leading radiopharmaceutical companies creates unparalleled breadth and depth across the entire value chain."