Telix and ITM Announce $1.65B Radiopharmaceutical Merger

Melbourne, Australia; Indianapolis, U.S.; Munich, Germany, September 21, 2026

Telix Expands Radiopharmaceutical Manufacturing Capabilities

The planned combination is designed to strengthen Telix’s position across the radiopharmaceutical value chain by integrating ITM’s commercial-scale radioisotope manufacturing capabilities with Telix’s precision diagnostics and therapeutic pipeline. ITM is a major supplier of therapeutic radioisotopes, including lutetium-177 (177Lu), actinium-225 (225Ac) and terbium-161 (161Tb), and operates a global distribution network spanning more than 65 countries. The company is also described as the only producer of globally scaled commercial-grade 177Lu. Its manufacturing operations provide radioisotopes used in both commercially available radiopharmaceutical products and therapies in clinical development. Telix said the combination is expected to deepen its isotope supply chain while supporting the development and delivery of targeted radiopharmaceutical treatments globally.

The proposed merger also brings together complementary commercial and scientific capabilities. Telix operates a commercial precision medicine platform centered on theranostics, which combine targeted diagnostic imaging with targeted therapeutic approaches. Its existing portfolio includes diagnostic products such as Illuccix, Gozellix and Pixclara, while its therapeutic pipeline includes investigational assets targeting prostate cancer, recurrent glioblastoma and kidney cancer. The integration with ITM would add significant radioisotope production infrastructure and expand Telix’s access to late-stage therapeutic programs.

ITM-11 Adds Late-Stage Oncology Potential

A major component of the transaction is ITM’s ITM-11 (177Lu-edotreotide), a somatostatin receptor-targeted radiopharmaceutical being developed for gastroenteropancreatic neuroendocrine tumors (GEP-NETs). According to the announcement, ITM-11 has completed the Phase 3 COMPETE study and has fully enrolled the Phase 3 COMPOSE indication-expansion study, with an interim analysis expected in the first half of 2027. If approved, ITM-11 could provide Telix with an opportunity to expand into a clinically validated therapeutic market for targeted radionuclide therapy. The proposed transaction includes up to US$700 million in additional contingent consideration tied to specified regulatory and sales milestones for ITM-11. Up to US$250 million could become payable following U.S. FDA approvals across specified GEP-NET and lung NET indications, while up to US$450 million is linked to future global sales performance. These payments would depend on achievement of the defined milestones and therefore remain contingent on future regulatory and commercial outcomes.

Combined Radiopharma Platform Targets Global Growth

Under the announced terms, Telix would acquire 100% of ITM’s shares for the US$1.65 billion upfront consideration. Approximately US$1.25 billion is expected to be paid to ITM sellers in Telix shares, while Telix would assume approximately US$302 million of net debt, subject to closing adjustments. Following completion, Telix shareholders are expected to own approximately 76.3% of Telix shares, with ITM shareholders holding approximately 23.7%. The transaction has been approved by the Telix Board and, at signing, by shareholders representing more than 90% of ITM’s shares. The companies expect the combination to create a broader radiopharmaceutical platform capable of integrating isotope production, drug development, manufacturing and distribution. Telix estimates that the combined organization could generate more than US$1.3 billion in pro forma 2026 revenue and income, based on management estimates. The transaction therefore represents a significant strategic move within the growing radiopharmaceutical sector, while its completion and future financial and regulatory outcomes remain subject to the stated conditions.

Source: Telix Pharmaceuticals, ITM press release