Telix ITM Radiopharma Merger Agreement Announced

Telix has signed a strategic agreement to combine with ITM Isotope Technologies Munich SE (ITM), a global company specialising in radioisotope production and radiopharmaceutical development. The transaction is expected to strengthen Telix’s position as a vertically integrated radiopharmaceutical company with capabilities spanning development, manufacturing, distribution, and commercial delivery.

Telix Managing Director and Group CEO, Dr Christian Behrenbruch, said, “This merger positions Telix at the forefront of the consolidation that is occurring as the industry matures. ITM is the leader in radioisotope production, with deep scientific expertise and a track record of value-adding innovation. We have enjoyed a close working relationship with ITM for many years, and there is strong management alignment for the rationale behind this transaction. By combining our complementary strengths, we will create a company with commercial-scale capabilities, world-leading supply, and the most exciting theranostic drug portfolio in the sector. Importantly, this combination further expands our late-stage therapeutic pipeline with two completed Phase 3 trials and deepens radioisotope security, while bringing together the mission-critical capabilities needed to deliver radiopharmaceutical treatments to patients around the world.”

Founded in 2004, ITM operates a commercial-scale radioisotope manufacturing and distribution network serving more than 65 countries. The company is a major supplier of lutetium-177 (177Lu) and reported 2025 revenue of US$273 million, representing a 40% compound annual growth rate from 2021 to 2025. Growing demand for targeted radiopharmaceutical therapies and radioisotopes is supporting expansion across the nuclear medicine market.

ITM Chief Executive Officer, Dr Andrew Cavey, added, “Joining two radiopharmaceutical pioneers creates a company with unmatched breadth and depth across the value chain, supported by deep expertise and talent. Our management teams have a track record of working together and a nuanced understanding of our respective commercial strengths and customer relationships. Together, we believe Telix and ITM will be uniquely positioned to capitalise on rapidly growing global demand for radiopharmaceuticals to the benefit of both Shareholders and patients.”

ITM also brings a complementary late-stage therapeutic pipeline, including ITM-11 (177Lu-edotreotide), an SSTR-targeted radiopharmaceutical in development for gastroenteropancreatic neuroendocrine tumours. ITM-11 has completed the Phase 3 COMPETE study, and the COMPOSE Phase 3 study has fully enrolled, with an interim analysis expected in the first half of 2027. If approved, the therapy could expand Telix’s presence in the commercial therapeutic radiopharmaceutical market.

The combined company is expected to generate more than US$1.3 billion in pro forma 2026 revenue and income, based on management estimates. ITM’s profitable isotope manufacturing operations, together with expected manufacturing growth, cost savings, synergies, and pipeline optimisation, are projected to support a positive EBITDA contribution from 2027 onward. Regulatory approval and potential commercialisation of ITM-11 could provide additional therapeutic revenue.