Telix Pharmaceuticals agreed to acquire ITM Isotope Technologies Munich in a deal valued at up to $2.35 billion, aiming to secure isotope supply and expand radiopharmaceutical manufacturing capacity. The transaction combines ITM’s late-stage lead asset portfolio with Telix’s commercial and development infrastructure, positioning the combined company to scale therapeutic radioisotope production. Under the agreement, Telix would provide $1.65 billion upfront, with additional milestone payments potentially totaling $700 million tied to regulatory approvals and sales performance for ITM-11 (177Lu-edotreotide), which previously received a complete response letter from the U.S. FDA in August 2026. The consolidation deal also reflects intensifying competitive pressure in radioligand therapy manufacturing, where supply security and CMC execution can be as determinative as clinical efficacy. Telix and ITM framed the transaction as a step toward a more vertically integrated “radiopharmaceutical powerhouse,” with added pipeline depth from completed Phase 3 programs.