CANBERA (dpa-AFX) - Telix Pharmaceuticals Ltd. (TLX,TLX.AX) announced that it signed an agreement to acquire privately held ITM Isotope Technologies Munich SE in a transaction valued at up to US$2.35 billion, strengthening its position in the global radiopharmaceutical and radioisotope markets.
Founded in 2004, Germany-based ITM is a major producer of medical radioisotopes and radiopharmaceuticals, operating a commercial-scale manufacturing and distribution network that spans more than 65 countries. The company is a key supplier of lutetium-177 (177Lu), a critical isotope used in targeted cancer therapies. ITM reported annual revenue of US$273 million in 2025, supported by a compound annual growth rate of 40% between 2021 and 2025.
Under the terms of the agreement, Telix will acquire 100% of ITM's shares for US$1.65 billion upfront on a cash-free, debt-free basis. The deal also includes contingent consideration of up to US$700 million tied to specified regulatory approvals and sales milestones for ITM-11. Any milestone payments may be made in cash or Telix shares at the company's election.
Following completion of the transaction, existing Telix shareholders are expected to own about 76.3% of the combined company, while ITM shareholders will hold approximately 23.7%.
The acquisition remains subject to Telix shareholder approval, regulatory clearances and customary closing conditions. The companies expect the transaction to close by the end of fiscal 2026.
TLX.AX was trading at A$16.69 down A$1.16 or 6.50%.
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