Telix Pharmaceuticals agreed to buy Isotope Technologies Munich (ITM) in a deal worth $1.65 billion upfront, with additional milestone payments that could bring the total value to as much as $2.35 billion, according to company reports. The transaction is designed to expand radiopharmaceutical supply and manufacturing capacity while building a vertically integrated platform. ITM’s lead asset is in late-stage development for a gastrointestinal cancer program, placing Telix closer to competitors already active in theranostics such as Novartis and Curium Pharma. The consolidation underscores how isotope supply constraints and CDMO bottlenecks are shaping dealmaking in the radiopharma segment. Investors are also focused on ITM’s recently rejected product milestone tied to an FDA complete response letter, which adds regulatory execution risk to the calendar ahead. Telix framed the combination as a way to increase R&D throughput and control critical supply chain inputs.