Australia’s Telix agrees to buy Germany’s ITM Isotope for $1.65 bln

Australian pharmaceutical company Telix Pharmaceuticals has reached an agreement to buy German radiopharmaceuticals firm ITM Isotope Technologies for a substantial upfront payment of $1.65 billion. This acquisition aims to bolster Telix's position within the radiopharmaceutical supply chain. In the deal, Telix will invest approximately $1.25 billion in its shares, while assuming $302 million of ITM's existing net debt and other transaction-related expenses.

As a result of this agreement, ITM shareholders will receive 105.8 million Telix shares, allowing Telix shareholders to own around 76.3% of the merged company.

ITM Isotope Technologies, based in Munich, supplies therapeutic radioisotopes like lutetium-177, actinium-225, and terbium-161, and operates a global distribution network across more than 65 countries. The company generated $273 million in revenue in 2025, reflecting a compound annual growth rate of 40% since 2021. One of ITM's notable drug candidates, ITM-11, a treatment for gastroenteropancreatic neuroendocrine tumors, recently completed a successful Phase 3 trial.

The transaction between Telix and ITM is expected to finalize by the end of 2026, contingent on shareholder and regulatory approvals.