Pharma BD Deal Intelligence

Telix Pharmaceuticals Limited / ITM Isotope Technologies Munich SE

2026 · Acquisition/Merger · $1.6B · Pending

Telix Pharmaceuticals agreed to acquire ITM Isotope Technologies Munich SE for approximately US$1.65 billion, comprising US$1.25 billion in Telix shares (105.8 million shares at US$11.84), US$302 million of assumed net debt, and US$96 million in management equity rollover and transaction expenses, plus up to US$700 million of contingent consideration tied to regulatory approvals and sales milestones for ITM-11. ITM is a leading global supplier of therapeutic radioisotopes with lutetium-177, actinium-225 and terbium-161 capability, and is the only producer of globally scaled commercial-grade 177Lu. Its lead asset ITM-11 (177Lu-edotreotide) is a somatostatin receptor-targeted radioligand therapy for GEP-NETs that has completed Phase 3. The combination pairs ITM isotope manufacturing with Telix commercial radiopharmaceutical development. Expected to close by end of fiscal 2026, subject to Telix shareholder approval and regulatory clearances.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2031 at the earliest for this deal, once/if it closes.

Key facts

Related deals

See the full interactive analysis, sources & comparables →

← Browse all deals  ·  How we score deals

More: 2026 deals