Telix agreed to acquire ITM Isotope Technologies Munich in a transaction valued at up to $2.35 billion, seeking greater control of isotope supply and manufacturing capacity as radiopharmaceutical consolidation accelerates. The deal is positioned to scale development and production capabilities while expanding late-stage therapeutic depth. ITM’s lead program, ITM-11, has been tied to recent FDA activity, including a complete response letter, underscoring how manufacturing readiness and CMC alignment remain key gatekeepers in radioligand expansion.