Telix Pharmaceuticals agreed to acquire German isotope supplier ITM Isotope Technologies Munich in a stock deal valued at about $1.65 billion upfront, with potential back-end milestone payments. The transaction is designed to vertically integrate manufacturing capacity and expand Telix’s late-stage radiopharmaceutical pipeline. The deal also intersects with regulatory timing: ITM’s lead program, ITM-11 (177Lu-edotreotide), previously received a complete response letter from the FDA on Aug. 7, 2026, citing chemistry, manufacturing and controls and third-party facility-related issues. Telix and ITM framed the combination as a path toward greater scale and supply control in an increasingly consolidated radiopharma market.