Telix to acquire ITM in radiopharmaceutical deal worth up to $2.35 billion

Telix moves upstream into isotope production

Australia’s Telix Pharmaceuticals has signed an agreement to acquire 100% of ITM Isotope Technologies Munich, bringing together a commercial-stage radiopharmaceutical company and a major producer of therapeutic radioisotopes. Telix announced the transaction on September 21, 2026, describing it as a merger designed to create a vertically integrated business spanning isotope production, drug development, manufacturing and commercialization.

The agreement values ITM at $1.65 billion upfront on a cash-free and debt-free basis. Telix said the sellers are expected to receive approximately $1.25 billion in Telix shares priced at $11.84 per share, issued as Nasdaq-listed American depositary receipts after the applicable escrow periods. Telix will also assume $302 million of ITM net debt, while $96 million relates to management equity rollover and transaction expenses payable by the sellers, subject to closing adjustments.

A further payment of up to $700 million depends on regulatory approvals and commercial sales milestones for ITM-11. That brings the transaction’s maximum stated value to $2.35 billion. El Economista reported the deal as being worth up to €2 billion. The acquisition remains subject to approval by Telix shareholders and other customary closing conditions.

Supply security becomes part of the portfolio

ITM was founded in 2004 and operates a radioisotope manufacturing and distribution network reaching more than 65 countries. According to Telix, the German company generated $273 million in revenue in 2025 after recording a compound annual growth rate of 40% between 2021 and 2025. Telix also described ITM’s commercial-scale isotope production operation as profitable.

The strategic centerpiece is ITM’s position in lutetium-177, an isotope used in targeted radionuclide therapies. Telix identifies ITM as the only producer of commercial-grade lutetium-177 at global scale and as a key supplier to marketed and developmental radiopharmaceuticals. ITM also has production capabilities in actinium-225 and terbium-161, giving the combined company exposure to several isotopes being used or evaluated for precision cancer treatments.

The companies already have a supply relationship. Telix entered a non-exclusive global agreement with ITM in 2021 for highly pure, no-carrier-added lutetium-177 for investigational prostate and kidney cancer programs and potential commercial supply. Full ownership would turn an external supplier into an internal manufacturing platform, although the combined company would also inherit ITM’s relationships with other radiopharmaceutical developers.

Late-stage drug expands Telix’s therapeutic pipeline

The purchase adds ITM-11, or lutetium-177 edotreotide, to Telix’s development portfolio. The candidate targets gastroenteropancreatic neuroendocrine tumors and has completed Phase 3 development. The contingent portion of the purchase price ties a substantial part of the valuation directly to future regulatory and sales outcomes for this asset.

Telix said the combined organization is expected to produce more than $1.3 billion in unaudited pro forma revenue and income in 2026, based on management estimates. The transaction would unite ITM’s isotope capacity and distribution infrastructure with Telix’s precision-medicine commercial platform and therapeutic pipeline.

For the wider nuclear-medicine industry, the deal places more of the value chain under a single owner. Isotope production requires specialized facilities, quality controls and tightly managed distribution because radioactive materials have limited useful lives. Combining those capabilities with clinical assets can improve supply visibility for Telix, but it also increases concentration around a supplier serving customers across more than 65 countries. Regulators, competing drug developers and hospital buyers will therefore be watching how Telix balances internal demand with ITM’s existing third-party supply commitments.