Telix to Acquire Isotope Supplier ITM for Up to $2.35 Billion
(23:20 GMT) *Telix Pharmaceuticals to Acquire ITM Isotope Technologies Munich for Up to $2.35 Billion
(23:21 GMT) *Telix to Pay Initial $1.65B for Privately Held ITM
(23:21 GMT) *Telix: Initial Payment Is on a Cash-Free, Debt-Free Basis
(23:22 GMT) *Telix to Pay Up to $700M Contingent on Regulatory, Sales Milestones
(23:24 GMT) *Telix: Upfront Payment Includes $1.25B of Newly Issued Shares
(23:24 GMT) *Telix to Issue 105.8 Million Shares Priced at $11.84 Each
(23:25 GMT) *Telix: Shares Issued as Nasdaq-Listed American Depositary Receipts
(23:25 GMT) *Telix: Shares Subject to Escrow of Up to 15 Months
(23:25 GMT) *Telix to Assume $302 Million of Debt at Completion
(23:26 GMT) *Telix: ITM to Assume $96M Debt Related to Management Equity Rollover, Transaction Expenses
(23:26 GMT) *Telix Shareholders to Own More Than 76% of Combined Group
(23:27 GMT) *Telix: Theraputic Radioisotope Supplier ITM Recorded $273M in 2025 Revenue
(23:28 GMT) *Telix: ITM's Isotope Business Is Profitable, Cash Generative
(23:28 GMT) *Telix Expects 2026 Combined Proforma Revenue Above $1.3 Billion
(23:29 GMT) *Telix Expects Positive Ebitda Contribution From 2027
(23:29 GMT) *Telix Points to Manufacturing Growth, Cost Synergies, Pipeline Optimization
(23:47 GMT) Telix to Acquire Isotope Supplier ITM for Up to $2.35 Billion
By Stuart Condie
SYDNEY--Telix Pharmaceuticals will pay up to $2.35 billion to acquire closely held ITM Isotope Technologies Munich in a move that the Australian company said improved the supply of the isotopes it needs for its therapeutics pipeline.
Telix on Monday said it would pay an initial $1.65 billion for the German company, including $1.25 billion in new shares.
It also agreed to pay up to $700 million in a contingent consideration linked to regulatory and sales milestones for ITM's lead drug candidate.
Telix said its shareholders would own more than 76% of the combined group on completion, which it expects at the end of 2026.
"ITM is the leader in radioisotope production, with deep scientific expertise and a track record of value-adding innovation," Telix Chief Executive Christian Behrenbruch said.
"By combining our complementary strengths, we will create a company with commercial scale, world-leading supply and the most exciting theranostic drug portfolio in the sector."
Write to Stuart Condie at stuart.condie@wsj.com