Telix to acquire ITM Isotope Technologies for $1.65 billion, adding late-stage radiopharma asset ITM-11

Telix Pharmaceuticals announced it will purchase Germany‑based ITM Isotope Technologies Munich for $1.65 billion in cash.

The agreement also provides for up to $700 million in milestone payments linked to FDA approvals of ITM’s lead lutetium‑177 radiopharmaceutical, ITM‑11, which is being developed for gastroenteropancreatic neuroendocrine tumors.

ITM brings a manufacturing and distribution footprint and a late‑stage asset that was recently rejected by the FDA over manufacturing concerns, giving Telix a platform to address those issues.

Telix will assume more than $300 million of ITM’s debt, and William Blair analysts called the transaction “supercritical,” noting it deepens Telix’s manufacturing capabilities and reduces operational risk.

The companies expect the deal to close by the end of the year, creating a combined entity focused on expanding radiopharmaceutical offerings.