Australian radiopharmaceutical specialist Telix Pharmaceuticals plans to acquire Garching-based ITM Isotope Technologies Munich SE. The proposed merger aims to combine ITM’s leading isotope production and development capabilities with Telix’s global radiopharmaceutical platform. The transaction is valued at USD 1.65 billion, plus potential performance-based payments.
Telix Pharmaceuticals and ITM Isotope Technologies Munich SE, based in Garching near Munich, have announced an agreement to merge. As part of the transaction, Telix plans to acquire all shares in ITM. The upfront consideration amounts to USD 1.65 billion on a cash-free/debt-free basis. Additional contingent payments of up to USD 700 million are linked to regulatory and commercial milestones for the therapeutic candidate ITM-11.
Through the merger, the two companies aim to combine their complementary strengths across the radiopharmaceutical value chain – from the production of medical radioisotopes and the development of new drug candidates to manufacturing and global commercialization.
ITM is one of the world’s leading producers of therapeutic radioisotopes, with extensive capabilities in lutetium-177 (¹⁷⁷Lu) as well as activities involving actinium-225 (²²⁵Ac) and terbium-161 (¹⁶¹Tb). Founded in 2004, the company operates two GMP manufacturing sites in the Munich area and supplies customers in more than 65 countries through its global distribution network. In 2025, ITM generated revenue of USD 273 million.
In addition to its isotope production business, ITM brings an advanced development pipeline to the merger. This includes ITM-11 (¹⁷⁷Lu-edotreotide), a targeted radioligand therapy for the treatment of gastroenteropancreatic neuroendocrine tumors (GEP-NETs). The candidate has already completed a Phase III trial. A further Phase III study aimed at expanding its potential range of indications is fully enrolled.
Telix develops and commercializes radiopharmaceutical diagnostics and therapeutics, with a focus on precision oncology and theranostics. By combining their capabilities, the companies aim to more closely integrate expertise in development, isotope supply, manufacturing, and commercialization, while strengthening their position in the growing global radiopharmaceutical market.
Upon completion of the transaction, existing Telix shareholders are expected to hold approximately 76.3 percent of Telix shares, while existing ITM shareholders will hold approximately 23.7 percent. Completion is targeted by the end of 2026 and remains subject to Telix shareholder approval, regulatory clearances, and other customary closing conditions.