Australia-based Telix Pharmaceuticals has agreed to purchase ITM Isotope Technologies Munich in a transaction valued at up to $2.35bn.
The deal combines Telix’s operations with ITM’s radioisotope manufacturing business and late-stage remedy candidate ITM-11.
The Australian company will pay $1.65bn upfront on a cash-free, debt-free foundation. An extra $700m may be payable if ITM-11 meets specified regulatory approval and gross sales milestones.
The upfront consideration consists of $1.25bn to be paid through 105.8m Telix shares, priced at $11.841 each utilizing the 30-day trailing volume-weighted average price at signing.
The shares will be launched as Nasdaq-listed American depositary receipts (ADRs) after relevant escrow durations.
Telix will also assume $302m of ITM web debt at closing, alongside $96m of management equity rollover and transaction bills payable by sellers, subject to closing changes.
ITM shareholders are expected to maintain 23.7% of Telix shares after completion while current Telix shareholders would own 76.3%.
Telix’s board has authorised the transaction, and shareholders holding more than 90% of ITM shares had authorised it at signing.
ITM produced $273m in income in 2025 and reported a compound annual growth fee of 40% from 2021 to 2025.
Founded in 2004, the privately held company manufactures radioisotopes such as actinium-225, lutetium-177 and terbium-161, and has a distribution community protecting more than 65 nations.
Its pipeline consists of ITM-11, also recognized as lutetium-177 edotreotide, which is being developed for gastro-enteropancreatic neuroendocrine tumours.
The candidate has accomplished its major Phase III medical development programme, including the COMPETE and COMPOSE trials.
Contingent funds embody up to $250m for US Food and Drug Administration (FDA) approvals across three indications, subject to acknowledged deadlines, and up to $450m primarily based on ITM-11 world web gross sales exceeding $150m in the 2030 financial 12 months.
Telix may pay the milestone consideration in money or shares.
Telix managing director and group CEO Dr Christian Behrenbruch said: “This merger positions Telix at the forefront of the consolidation that is occurring as the industry matures.
“ITM is the chief in radioisotope manufacturing, with deep scientific experience and a observe report of value-adding innovation.
“We have enjoyed a close working relationship with ITM for many years, and there is strong management alignment for the rationale behind this transaction.”
The deal is expected to close by the finish of the 2026 financial 12 months, subject to Telix shareholder and regulatory approvals. Telix expects to maintain an extraordinary basic assembly in November 2026.