Australia Meets Germany in Telix’s $1.65B Radiopharma Deal
Synopsis
Telix Pharmaceuticals has agreed to acquire Germany’s ITM Isotope Technologies for US$1.65 billion, adding radioisotope production and late-stage cancer treatment assets.
Australia's Telix Pharmaceuticals has signed a deal to acquire Germany's ITM Isotope Technologies Munich SE for US$1.65 billion, uniting two firms developing radiopharmaceuticals, producing radioisotopes and making a medicine to treat cancer.
The agreement is announced on 21st September, 2026 with completion expected by the closure of the financial year, subject to approvals.
$1.65 Billion Deal Links Telix and ITM
Under the terms of Telix Pharmaceuticals' ITM Isotope acquisition, ITM shareholders will receive approximately US$1.25 billion in Telix stock, based on the 30-day trailing volume-weighted average price of Telix stock of US$11.84 per share. Telix will also take on approximately US$302 million of ITM net debt, with US$96 million being allocated to the sellers' transaction costs and management equity rollover.
The deal also features US$700m in contingent payments contingent on regulatory approval and sales of ITM-11. As much as US$250 million is hinged on U.S. Food and Drug Administration approvals for three indications and as much as US$450 million on the global sales of ITM-11 exceeding US$150 million in 2030.
Once completed, Telix will be 76.3% owned by its shareholders, with 23.7% owned by ITM shareholders. Telix's board and shareholders (with over 90% of ITM shareholding) have approved the transaction, but Telix shareholders and regulatory approvals are still to be obtained.
ITM Adds Radioisotopes and European Manufacturing
The Telix ITM Isotope deal enables Telix to gain access to ITM's radioisotope commercial business. Established in 2004, ITM provides medical radioisotopes such as lutetium-177, actinium-225 and terbium-161 and has a distribution network reaching over 65 countries.
In 2025, ITM's revenue was US$273 million and is projected to grow at a 40% CAGR from 2021. The products are used as ingredients in the development of cancer diagnostic and targeted therapeutic radiopharmaceuticals.
According to the Current Landscape of the Nuclear Medicine Market, 2025 edition from MEDraysintell, the broader nuclear medicine market will grow to US$41 billion by 2034. The market covers leading healthcare systems in North America, Europe and Asia and ITM's network extends to over 65 countries already.
Telix Enters Deal After $477 Million H1
The deal with Telix follows a first-half 2026 revenue of US$477 million, up from the previous year's by 22%. Adjusted EBITDA was US$52 million and research and development spending amounted to US$124 million.
Telix reported full-year 2025 revenue of US$803.8 million, a 56% increase from that in 2024 and excluding certain items, an adjusted EBITDA of US$39.5 million. The company has continued to maintain their revenue outlook of US$950 million to US$970 million for 2026.
Phase 3 COMPETE, a trial with 309 patients at 49 centres, is complete for ITM-11. In August 2026, however, the US FDA issued a full response letter due to manufacturing and third party facility problems; ITM reported there were no clinical safety or efficacy concerns identified.
Source: Reuters
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
