Telix agrees to $1.65 billion ITM merger with additional milestone payments

Telix Pharmaceuticals ($TLX) signed an agreement to combine with ITM Isotope Technologies Munich for upfront consideration of $1.65 billion on a cash-free, debt-free basis. After adjustments, ITM shareholders are expected to receive approximately $1.25 billion in Telix shares. Additional consideration of up to $700 million depends on specified regulatory approvals and sales milestones for ITM-11, rather than being payable automatically.

The combination would add isotope production, manufacturing capabilities and a late-stage cancer-treatment program to Telix’s portfolio. Management estimates combined, unaudited pro forma revenue and income above $1.3 billion for 2026 and a positive EBITDA contribution from 2027. Completion is targeted by the end of the financial year, subject to shareholder and regulatory approvals and other conditions.

Sources:

• Telix — merger announcement, corporate release reprinted by StockTitan