Telix to Acquire ITM in $1.65B Deal, Forming Radiopharma Giant
Melbourne – September 21, 2026 -- Telix Pharmaceuticals Limited (ASX: TLX, NASDAQ: TLX) has signed a strategic agreement to merge with ITM Isotope Technologies Munich SE in a deal valuing ITM at US$1.65 billion upfront on a cash-free, debt-free basis, with up to US$700 million in additional contingent consideration tied to regulatory and sales milestones.
Deal structures $1.25 billion in Telix stock alongside debt assumption
Under the agreement, ITM shareholders will receive approximately US$1.25 billion in the form of 105.8 million Telix shares priced at US$11.84 per share, released as Nasdaq-listed ADRs following escrow periods of up to 15 months. Telix will additionally assume US$302 million of ITM net debt at closing, with US$96 million allocated to management equity rollover and transaction expenses. Upon completion, existing Telix shareholders will hold roughly 76.3% of the combined company, with ITM shareholders holding approximately 23.7%.