Telix to acquire ITM in US$1.65 billion radiopharmaceutical deal

Telix Pharmaceuticals has announced plans to acquire German radiopharmaceutical company ITM Isotope Technologies Munich SE for US$1.65 billion, in a transaction the company says will expand its capabilities across the radiopharmaceutical value chain.

Under the proposed deal, the ASX-listed company will acquire 100% of ITM, with up to a further US$700 million in consideration linked to regulatory milestones and sales targets for ITM-11, an investigational radiopharmaceutical treatment for gastroenteropancreatic neuroendocrine tumours. 

The transaction is subject to Telix shareholder approval, regulatory approvals and other closing conditions, with completion expected by the end of 2026, according to Telix.

Telix said the acquisition would add ITM’s radioisotope manufacturing and supply capabilities to its existing precision medicine and therapeutic operations. ITM operates two Good Manufacturing Practice manufacturing sites and produces lutetium-177 at commercial scale, with its operations spanning raw material supply, irradiation, quality control, logistics and distribution. 

Telix said the combined business would provide greater vertical integration and supply-chain control.

Manufacturing is expected to be a significant component of ITM’s contribution to the combined business. Telix reported that ITM generated US$156 million in revenue in the first half of 2026, with its manufacturing division accounting for the majority of that activity. 

The company said the division is expected to deliver double-digit revenue growth and contribute positively to group earnings from 2027.

The proposed acquisition also includes ITM-11, which Telix said has completed a Phase 3 trial in Grade 1–2 gastroenteropancreatic neuroendocrine tumours. However, the candidate has not received marketing authorisation. 

Telix said the US Food and Drug Administration issued a Complete Response Letter in August 2026 relating to chemistry, manufacturing and controls and third-party facility inspection matters, with no clinical or nonclinical deficiencies identified. 

ITM is reviewing the feedback and intends to resubmit its application.
Telix has identified several risks associated with the transaction, including potential delays or failure to complete the acquisition, integration costs, supply-chain constraints and disruptions to manufacturing operations. 

The company also noted that the expected synergies and future financial benefits are estimates and may not be achieved as anticipated.