Telix to acquire German radioisotope maker ITM in deal valued up to $2.35 billion

Telix Pharmaceuticals announced it will purchase ITM Isotope Technologies Munich SE, a German producer of medical radioisotopes, for an upfront payment of $1.65 billion. The transaction could rise to $2.35 billion if certain performance milestones are met.

The deal aims to combine Telix's drug development capabilities with ITM's commercial radioisotope manufacturing platform, potentially expanding Telix's reach in diagnostic and therapeutic radiopharmaceuticals.

However, some of the milestone payments are tied to a drug that was recently rejected, introducing uncertainty about the final total value of the transaction.