Telix to acquire ITM in deal worth up to $2.35bn

Australian pharmaceutical company Telix Pharmaceuticals has agreed to acquire German-based ITM Isotope Technologies Munich in a transaction valued at up to $2.35 billion. Telix will pay $1.65 billion upfront on a cash-free, debt-free basis, with an additional $700 million potentially payable if the ITM-11 candidate meets specified regulatory and sales milestones. The transaction includes an exchange of 105.8 million Telix shares valued at $1.25 billion. ITM is a leading manufacturer of radioisotopes including actinium-225, lutetium-177, and terbium-161, with a distribution network covering more than 65 countries. The company achieved $273 million in revenue in 2025 with a 40 percent annual growth rate from 2021 to 2025. Following completion, ITM shareholders will own 23.7 percent of Telix shares. The transaction is expected to close by the end of the 2026 financial year.