Australian radiopharmaceutical company Telix Pharmaceuticals has entered into a strategic agreement to lead the merger with ITM Isotope Technologies (ITM).
Headquartered in Munich, Germany, ITM is a radiopharmaceutical biotechnology company focused on developing and providing radiopharmaceutical therapeutics and diagnostics for hard-to-treat tumours.
Under the terms of the agreement, and subject to shareholder approval, Telix will acquire 100% of the shares in ITM for an upfront consideration of US$1.65 billion on a cash-free, debt-free basis.
An additional contingent consideration of up to US$700 million will be payable upon the achievement of specified regulatory approvals and sales milestones for ITM-11 (Lu-edotreotide), a novel therapeutic candidate for the treatment of gastroenteropancreatic neuroendocrine tumours (GEP-NETs).
The proposed merger is expected to strengthen Telix’s position as a vertically integrated radiopharmaceutical company with capabilities spanning the development, manufacturing and global delivery of radiopharmaceutical treatments.
The combined organisation is expected to bring together isotope manufacturing capabilities, a global distribution network, a commercial precision medicine platform and a broad therapeutic radiopharmaceutical pipeline.
ITM’s late-stage pipeline is expected to complement Telix’s existing portfolio. This includes ITM-11 (Lu-edotreotide), a somatostatin receptor (SSTR)-targeted therapy being developed for gastroenteropancreatic neuroendocrine tumours.
ITM-11 has completed a Phase 3 trial and fully enrolled a second indication expansion Phase 3 study with an interim analysis expected in H1 2027.
If approved, ITM-11 could accelerate Telix’s entry into the commercial therapeutic radiopharmaceutical market and expand its presence in neuroendocrine tumours, a commercially validated and clinically significant market for targeted radiopharmaceutical therapy.
The combined organisation is expected to generate unaudited pro forma 2026 revenue and income exceeding US$1.3 billion, based on management estimates.
“This merger positions Telix at the forefront of the consolidation that is occurring as the industry matures,” said Telix Managing Director and Group CEO, Dr. Christian Behrenbruch.
“By combining our complementary strengths, we will create a company with commercial scale, world-leading supply and the most exciting theranostic drug portfolio in the sector,” he added.
ITM Chief Executive Officer Dr Andrew Cavey said the combination of the two radiopharmaceutical pioneers would create a company with unmatched breadth and depth across the value chain, supported by deep expertise and talent.
“Together, we believe Telix and ITM will be uniquely positioned to capitalize on rapidly growing global demand for radiopharmaceuticals to the benefit of both shareholders and patients.”
The transaction remains subject to shareholder approval and other customary closing conditions.
