Telix Pharmaceuticals will pay up to $2.35 billion for ITM Isotope Technologies Munich, a German radiopharmaceutical developer backed by Black Rock Alternatives, Nextech Invest, Carbyne Equity Partners, Temasek, Qatar Investment Authority and Athos. The deal includes $1.65 billion in cash upfront for 100 percent of ITM's shares, plus up to $700 million in contingency payments for regulatory approvals and sales milestones involving ITM-11, a targeted treatment for gastroenteropancreatic neuroendocrine tumors.

Based in Munich, Germany, ITM has a commercial scale radioisotope manufacturing and global distribution network spanning over 65 countries. It is a supplier of Lutetium-177, a radioisotope used to treat prostate and neuroendocrine cancers. Its annual revenue was $273 million in 2025.

Telix, headquartered in Melbourne, Australia, develops and commercializes targeted radiopharmaceuticals for cancer imaging and treatment. The combined business is expected to generate unaudited pro forma 2026 revenue and income exceeding $1.3 billion. When the transaction closes, Telix shareholders are expected to own approximately 76.3 percent, and ITM Shareholders approximately 23.7 percent, of Telix shares on issue. The deal is expected to be completed by the end of FY 2026.