Telix agreed to acquire ITM Isotope Technologies Munich in a deal valued at up to $2.35 billion, with an $1.65 billion upfront component. Telix framed the transaction as a way to strengthen isotope supply and manufacturing capacity as radiopharmaceutical demand rises. The combined company would integrate development, production and distribution capabilities across multiple radioligand modalities, while ITM’s lead asset ITM-11 (¹⁷⁷Lu-edotreotide) is in Phase 3 for gastroenteropancreatic neuroendocrine tumors. Telix said the merger could reduce execution risk in a field where supply constraints can delay patient access. In parallel, Novartis also inked a potential $900 million licensing deal with Boomray Pharmaceuticals for a preclinical radioligand therapy asset, reinforcing how big pharma is building radiopharma pipelines amid increasing competition to Lutathera.