Telix Agrees to Merge with ITM Isotope Technologies Munich for $1.65B Upfront Plus Up to $700M in ITM-11 Milestones, Adding Lu-177, Ac-225, and Tb-161 Production
Telix Pharmaceuticals announced late on September 20, 2026 U.S. Eastern time (September 21 in Australia) an agreement to merge with Germany's ITM Isotope Technologies Munich for $1.65 billion upfront on a cash-free, debt-free basis, including 105.8 million Telix shares, plus up to $700 million tied to regulatory approvals and sales milestones. The milestones are linked to ITM-11 (177Lu-edotreotide), a somatostatin receptor-targeted treatment for gastroenteropancreatic neuroendocrine tumors that completed the Phase 3 COMPETE trial and has fully enrolled a second Phase 3 study, COMPOSE. Telix describes ITM as the world's leading supplier of therapeutic radioisotopes and the only producer of globally scaled commercial-grade lutetium-177, with actinium-225 and terbium-161 production as well. The deal needs Telix shareholder and regulatory approvals and is expected to close by the end of fiscal 2026.