Bildnachweis: ITM.
Telix Pharmaceuticals and ITM Isotope Technologies Munich are joining forces to create a leading radiopharmaceutical company. Telix has signed a strategic agreement to acquire 100% of the shares in ITM. The merger is intended to strengthen Telix’s position as a vertically integrated radiopharmaceutical company and combine capabilities across development, isotope production and global manufacturing.
Founded in 2004, ITM operates a commercial-scale radioisotope manufacturing business and a global distribution network spanning more than 65 countries. The company is a key supplier of lutetium-177 (177Lu) and, according to the company, the only producer of globally scaled commercial-grade 177Lu. Between 2021 and 2025, ITM achieved a compound annual growth rate of 40% and generated revenue of USD 273m in 2025. Its pipeline includes ITM-11 (177Lu-edotreotide), a therapeutic candidate for the treatment of gastroenteropancreatic neuroendocrine tumours (GEP-NETs). A Phase 3 trial has been successfully completed, while a second Phase 3 study has been fully enrolled. An interim analysis is expected in the first half of 2027. ITM CEO Dr Andrew Cavey said: “Joining two radiopharmaceutical pioneers creates a company with unmatched breadth and depth across the value chain, supported by deep expertise and talent. Our management teams have a track record of working together and a nuanced understanding of our respective commercial strengths and customer relationships. 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 upfront consideration for ITM amounts to USD 1.65bn on a cash-free, debt-free basis. Following adjustments, ITM shareholders are expected to receive approximately USD 1.25bn in Telix shares. In addition, contingent consideration of up to USD 700m is linked to regulatory approvals and commercial sales milestones for ITM-11. Following completion of the transaction, existing Telix shareholders are expected to hold approximately 76.3% of the issued Telix shares, while ITM shareholders are expected to hold approximately 23.7%. The combined company expects unaudited pro forma 2026 revenue and income of more than USD 1.3bn. ITM’s profitable radioisotope manufacturing business is expected to contribute to cash generation. Further growth in manufacturing, cost savings, synergies and pipeline optimisation are expected to support a positive EBITDA contribution from 2027 onwards. Dr Christian Behrenbruch, Managing Director and Group CEO of Telix, said: “This merger positions Telix at the forefront of the consolidation that is occurring as the industry matures. ITM is the leader in radioisotope production, with deep scientific expertise and a track record of value-adding innovation. We have enjoyed a close working relationship with ITM for many years and there is strong management alignment for the rationale behind this transaction. 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. Importantly, this combination further expands our late-stage therapeutic pipeline with two completed Phase 3 trials and deepens radioisotope security, while bringing together the mission-critical capabilities needed to deliver radiopharmaceutical treatments to patients around the world.” The transaction remains subject to approval by Telix shareholders, regulatory approvals and other customary closing conditions. Completion is expected by the end of FY 2026.
