Australia’s Telix Pharmaceuticals has agreed to acquire Germany-based ITM Isotope Technologies Munich in a $1.65 billion deal, expanding its presence across the fast-growing radiopharmaceutical market and strengthening its global isotope supply capabilities.
Telix said Monday that the transaction includes approximately $1.25 billion in Telix shares. The Australian pharmaceutical company will also assume about $302 million of ITM’s net debt and other transaction-related costs.
Under the agreement, ITM shareholders are expected to receive 105.8 million Telix shares. Once the acquisition is completed, existing Telix shareholders are expected to own roughly 76.3% of the combined company.
The deal could become more valuable depending on the performance of ITM’s lead drug candidate, ITM-11. Telix has agreed to pay up to an additional $700 million if certain regulatory approval and sales milestones are achieved.
Munich-headquartered ITM specializes in medical radioisotopes used in targeted radiopharmaceutical therapies. Its portfolio includes lutetium-177, actinium-225 and terbium-161, while its distribution network reaches more than 65 countries worldwide.
ITM generated $273 million in revenue during 2025, reflecting a compound annual growth rate of about 40% since 2021. The acquisition gives Telix greater exposure to both radiopharmaceutical development and the supply of therapeutic isotopes, an increasingly important segment of nuclear medicine.
ITM-11, the German company’s leading clinical-stage treatment candidate, is being developed for gastroenteropancreatic neuroendocrine tumors and has completed a Phase 3 clinical trial. Its potential regulatory approval represents a key component of the acquisition’s longer-term value.
Telix expects the ITM acquisition to close by the end of 2026. Completion remains subject to shareholder approval, regulatory clearances and other customary closing conditions.
