Telix Pharmaceuticals to merge with ITM Isotope Technologies Munich in radiopharma deal

Telix Pharmaceuticals Limited announced on September 21, 2026 that it had signed a strategic agreement to lead a merger with ITM Isotope Technologies Munich SE, described as a global leader in radioisotope production and radiopharmaceutical development.¹

Under the deal terms, Telix will acquire all of the shares in ITM, with the transaction structured on a cash-free/debt-free basis, comprising upfront consideration paid to sellers as 105.8 million Telix shares priced at $11.841 and delivered as Nasdaq-listed ADRs, plus $302 million of net debt Telix will assume at closing, plus $96 million tied to management equity rollover and transaction costs owed by the sellers, all subject to closing adjustments.¹

Beyond the upfront payment, additional contingent consideration of up to $700 million could become payable based on regulatory and sales milestones for ITM-11, including up to $250 million tied to FDA approvals across three GEP-NET and lung NET indications by specified deadlines through 2031, and up to $450 million tied to ITM-11 global net sales in FY2030 exceeding $150 million.¹

ITM's pipeline includes ITM-11, a somatostatin receptor-targeted treatment for gastroenteropancreatic neuroendocrine tumors that has completed a Phase 3 trial known as COMPETE and fully enrolled a second Phase 3 study called COMPOSE, with an interim analysis expected in the first half of 2027.¹

On ownership structure, once the transaction closes, existing Telix shareholders are expected to hold approximately 76.3% of the combined company, with ITM shareholders holding about 23.7%.¹

Governance steps remain pending: the deal has already been approved by Telix's board and by ITM shareholders holding over 90% of ITM's shares as of signing.¹ Telix said it expects the transaction to close by the end of FY2026, subject to Telix shareholder approval under ASX listing rules, regulatory clearances, and other customary conditions.¹ Telix said shareholders will receive a notice calling an extraordinary general meeting, which is expected to take place in November 2026.¹