HQ Team
September 21, 2026: Australia’s Telix Pharmaceuticals will buy ITM Isotope Technologies Munich SE for an upfront payment of $1.65 billion on a cash- and debt-free basis to pocket the Germany-based company’s therapeutic radioisotopic solutions.
“After adjustments, ITM Shareholders are expected to be paid approximately US$1.25 billion in Telix Shares at US$11.841 per share, released as Nasdaq ADRs after the respective escrow periods,” according to a statement from Telix.
Nasdaq American Depository Rights let foreign company shares trade easily on the US stock market. The escrow period is the waiting time during which ITM owners cannot sell their new shares right away. They can sell only after a specific time period.
After the deal, Telix shareholders will own about 76.3%, while ITM shareholders will own around 23.7% in the combined organisation.
Radioisotope decay
ITM is a radiopharmaceutical company with manufacturing capabilities across development and isotope production, and has global manufacturing facilities in 65 nations.
It is one of the world’s leading suppliers and manufacturers of lutetium-177, actinium-225 and terbium-161.
ITM is the only producer of globally scaled commercial-grade lutetium-177 and a key supplier for both commercially available and future therapeutic radiopharmaceuticals.
A radioisotope is an atom with an unstable nucleus or center. The nucleus releases energy and particles as it breaks down, emitting radiation in the form of alpha particles, beta particles, or gamma rays to become stable. Radioactive decay can occur naturally in the environment, such as carbon-14 or uranium, or can be artificially produced in nuclear reactors and particle accelerators.
Radioisotopes are used in diagnostic imaging, such as technetium-99m for organ scans, and targeted radiotherapy to destroy cancer cells. It is also used to sterilise medical equipment using gamma radiation.
Neuroendocrine tumours
ITM’s complementary pipeline includes ITM-11 (177-Lu-edotreotide), a therapeutic candidate to treat gastroenteropancreatic neuroendocrine tumours, which has completed en-stage development, accelerating entry into a validated commercial market for targeted radionuclide therapy (TRT).
Telix will pay “additional contingent consideration of up to $700 million upon achievement of regulatory approvals and commercial sales milestones for ITM-11,” according to the statement.
“This merger positions Telix at the forefront of the consolidation that is occurring as the industry matures,” Telix Managing Director and Group CEO, Dr Christian Behrenbruch, said.
“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.”
Telix’s theranostic drug portfolio will expand through the merger, he said. “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 combined organisation is expected to generate “unaudited pro forma 2026 revenue and income exceeding $1.3 billion, based on management estimates,” according to the statement. The transaction is expected to close by the end of this fiscal year.
ITM Chief Executive Officer, Dr Andrew Cavey, said the combined organisation will create a company “with unmatched breadth and depth across the value chain, supported by deep expertise and talent.”
