Telix agreed to acquire ITM Isotope Technologies Munich in a deal that values ITM at up to $2.35 billion, including $1.65 billion upfront plus backloaded milestones tied to ITM-11. The transaction aims to increase isotope supply and manufacturing capacity as radiopharmaceuticals consolidate, with the combined platform targeting scale and late-stage depth in gastroenteropancreatic neuroendocrine tumors.