ITM Isotope Technologies Munich SE acquired by Telix Pharmaceuticals Limited
Telix Pharmaceuticals Limited agreed to acquire ITM Isotope Technologies Munich SE, a German radiopharmaceuticals brand.
Transaction summary
- Target
- ITM Isotope Technologies Munich SE
- Acquirer
- Telix Pharmaceuticals Limited
- Seller
- ITM shareholders
- Announced
- -
- Geography
- Germany
- Tags
- BiotechDrug DevelopmentRadioisotope ManufacturingRadiopharmaceuticals
- Type
- Acquisition
- Deal type
- Control
- Stake acquired
- 100%
- First added
- 2026-09-24
- Latest update
- 2026-09-29
Value and multiples
100% enterprise value
USD 1.6B
100% enterprise value | USD
Basis: Public source
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
EV / revenue
6.04x
Period: FY2025
Basis: Derived from source data
EV / EBITDA
-
EBITDA basis not stated
Basis: Derived from source data
Amounts paid and other reported values
Original reported amounts and bases; a stake payment is distinct from the estimated whole-company valuation.
Consideration: USD 1.6B
Telix's 2026-09-20 announcement states US$1.65bn upfront for 100% of ITM on a cash-free/debt-free basis, with up to US$700m additional contingent consideration. The upfront amount is retained as consideration, not enterprise value. BioSpace separately reports Telix will take on more than $300m of ITM debt at closing; that amount is not added here.
Basis
- USD 1.6bn enterprise value is treated as publicly disclosed or derived directly from public source data.
- Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
- Implied EV / revenue is 6.04x, calculated from USD 1.6bn value and USD 273m revenue.
- Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
- Telix explicitly prices 100% of ITM at US$1.65bn upfront on a cash-free/debt-free basis. Its breakdown includes US$302m assumed net debt within that total; do not add the debt twice. Up to US$700m contingent consideration is excluded from this upfront EV basis.
Source summary
Telix and ITM Join Forces to Create a Radiopharmaceutical Powerhouse
ConfirmedTelix announced on 2026-09-20 that it would acquire 100% of ITM for US$1.65bn upfront, plus up to US$700m contingent consideration. BioSpace reported ITM revenue of $273m for 2025; the upfront consideration divided by that reported revenue implies a derived 6.04x price/revenue multiple. The deal was announced, not reported closed, in the supplied evidence.
Open sourceTelix buys ITM in bid to create a ‘radiopharmaceutical powerhouse’
ConfirmedTelix buys ITM in bid to create a ‘radiopharmaceutical powerhouse’ | BioPharma Dive Skip to main content CONTINUE TO SITE ➞ Don't miss tomorrow's biopharma industry news Let BioPharma Dive's free newsletter keep you informed, straight from your inbox. Daily Dive M-F Commercialization Weekly Every Wednesday Gene Therapy Weekly Every Thursday Emerging Biotech Weekly Every Tuesday By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy . You can unsubscribe at anytime. Informa TechTarget | Healthcare Dive MedTech Dive PharmaVoice Xtelligent Pharma Life Sciences Explore our brands An Informa TechTarget Publication Deep Dive Library Events Press Releases Topics Sign up Search Sign up Search People also ask Loading questions... Pharma Biotech FDA Clinical Trials Deals Drug Pricing Gene Therapy An article from Telix buys ITM in bid to create a ‘radiopharmaceutical powerhouse’ Worth $1.65 billion up front, the deal combines two large pipelines and manufacturing networks, helping Telix potentially “corner the industry” for radiopharmaceuticals, one analyst wrote. Published Sept. 21, 2026 Ben Fidler Lead Editor Share Copy link Email LinkedIn X/Twitter Facebo
Open source100% EV basis review
ConfirmedTelix explicitly prices 100% of ITM at US$1.65bn upfront on a cash-free/debt-free basis. Its breakdown includes US$302m assumed net debt within that total; do not add the debt twice. Up to US$700m contingent consideration is excluded from this upfront EV basis.
Open source