Telix Pharmaceuticals to Acquire ITM in $1.65 Billion Radiopharma Deal

The acquisition combines Telix’s established commercial precision medicine platform with ITM’s specialized manufacturing capabilities. ITM holds a unique position as a leading global supplier of therapeutic radioisotopes, including lutetium-177, actinium-225, and terbium-161. By integrating these production assets, Telix aims to stabilize the supply of isotopes essential for its extensive therapeutic pipeline while leveraging ITM’s profitable isotope business to generate immediate cash flow.

A centerpiece of the transaction is ITM-11, a late-stage therapeutic candidate for gastroenteropancreatic neuroendocrine tumors. Having completed Phase 3 trials, the drug provides Telix with a potential shortcut into a validated commercial market. The combined entity is projected to generate pro forma 2026 revenue exceeding US$1.3 billion, with management anticipating positive EBITDA contributions by 2027 as synergies and manufacturing efficiencies take hold.

Under the deal terms, Telix will pay US$1.25 billion in shares, with the remaining balance covering assumed debt and expenses. An additional US$700 million in contingent consideration is tied to future regulatory approvals and sales milestones for ITM-11. The transaction, which has secured the support of shareholders representing over 90% of ITM’s equity, is expected to close by the end of 2026, pending final regulatory and Telix shareholder approvals.