Telix Pharmaceuticals to acquire Munich's ITM for $1.65bn

Australian radiopharmaceuticals group Telix Pharmaceuticals is acquiring Munich-based ITM Isotope Technologies Munich SE; the upfront consideration is US$1.65 billion on a cash-free/debt-free basis, plus up to US$700 million on achievement of future regulatory approval and commercial sales milestones. After adjustments, ITM shareholders are expected to receive approximately US$1.25 billion in Telix shares at US$11.84 per share, released as Nasdaq ADRs after the respective escrow periods. ITM says it is the world's leading supplier of therapeutic radioisotopes (lutetium-177, actinium-225, terbium-161) and the only producer of globally scaled commercial-grade lutetium-177. (Source: ITM Isotope Technologies Munich SE press release, 21 Sep 2026) Update (30 October 2026): Telix has called its general meeting on the issue of up to 114.2 million upfront consideration shares for 1 December 2026; holders of over 93% of ITM shares have signed the agreement, so the 92.5% condition is met. The end date is 1 January 2027, with an automatic three-month extension if only regulatory approvals are outstanding (Telix, notice of meeting via SEC, 30 October 2026).