Telix agreed to acquire Isotope Technologies Munich (ITM) in a consolidation move aimed at expanding radiopharmaceutical manufacturing scale and isotope supply control. The deal structure combines an all-stock acquisition with an upfront value cited as $1.65 billion, plus potential contingent payments tied to regulatory approvals and milestones. ITM-11, ITM’s lead candidate—an investigational peptide receptor radionuclide therapy—has completed Phase III testing, Telix said. The combined organization is expected to broaden late-stage pipeline depth while integrating production capabilities for key isotopes used in radioligand therapies. Telix said the transaction would help reduce execution risk by pairing development capabilities with supply infrastructure spanning lutetium-177 and other radionuclides. The companies framed the combination as a strategic response to increasing competitive intensity in radiopharmaceuticals. The merger also adds another data point to ongoing sector consolidation as sponsors seek vertical integration across isotope availability, manufacturing, and clinical development execution.