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Telix Pharmaceuticals Limited agreed on September 21 to acquire ITM Isotope Technologies Munich SE for up to $2.35 billion.
The transaction secures a direct supply of radioactive isotopes for cancer treatments and adds a late-stage drug candidate to Telix's portfolio, though the deal requires shareholder and regulatory approval to close.
The acquisition price consists of $1.65 billion in upfront payment, before cash and debt, plus a further $700 million in milestones.
These milestones are contingent on ITM's lead drug winning approval and meeting sales targets. Telix is funding the upfront portion largely through equity, issuing 105.8 million new shares.
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