Radiopharma dealmaking intensified as Telix agreed to buy ITM Isotope Technologies Munich in an all-stock transaction worth $1.65 billion upfront, with potential milestone consideration that can lift total value substantially. The combination aims to expand radiopharmaceutical manufacturing scale and secure isotope supply while building on ITM’s late-stage oncology pipeline. The transaction is explicitly tied to commercial and development capabilities—Telix expects a vertically integrated platform that can compete with dominant players in targeted radioligand therapy. Investors also focused on ITM’s lead asset, which had previously received a complete response letter from the FDA, meaning the path forward for regulatory resolution is a key part of the investment case. A separate overlapping report reiterated the same merger structure and emphasized the manufacturing and supply-network rationale driving consolidation across the sector.