Telix agrees to acquire ITM for $1.65 billion upfront

On September 21, 2026, Telix Pharmaceuticals announced a proposed combination with ITM Isotope Technologies Munich SE, valuing ITM at US$1.65 billion upfront on a cash-free, debt-free basis. About US$1.25 billion in Telix shares would go to ITM shareholders after adjustments, plus up to US$700 million in milestone payments tied to ITM-11, a Phase 3 candidate for neuroendocrine tumors. ITM reported US$273 million in 2025 revenue with a 40% CAGR from 2021 to 2025, produces lutetium-177, actinium-225 and terbium-161, and serves more than 65 countries. Pro forma 2026 revenue is projected above US$1.3 billion, with positive EBITDA expected from 2027. Telix shareholders would own about 76.3% of the combined company; ITM shareholders about 23.7%. Closing is expected by end of FY2026, with an EGM planned for November 2026. CEO Christian Behrenbruch said the merger positions Telix at the forefront of industry consolidation, combining complementary strengths for commercial scale, world-leading supply, and an expanded late-stage theranostic pipeline while deepening radioisotope security. Contested: No material dispute on the terms. US$1.65 billion upfront plus up to US$700 million in milestones equals up to US$2.35 billion in potential total value; some coverage headlines the combined figure, others lead with the US$1.65 billion upfront price.