Telix Pharmaceuticals is moving to consolidate the radiopharmaceuticals supply chain by acquiring ITM Isotope Technologies Munich SE in a deal valued at at least $1.65 billion, with potential contingent payments tied to the performance of ITM’s lead program. The merger follows an “extraordinary” FDA rejection that caught ITM’s plans midstream. If completed, the combined company would expand capacity and drug development resources in a market currently dominated by Novartis’ radiopharma portfolio and growing competitors pursuing targeted imaging and therapy with radioisotopes. The transaction structure also signals that investors and acquirers are increasingly tying value to regulatory and commercial milestones, not just pipeline breadth.