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ITM Isotope Technologies Munich SE and Telix Pharmaceuticals, two leading companies in the burgeoning radiopharmaceuticals field, are merging in a deal worth at least $1.65 billion.
Under the deal, Telix will acquire all shares of the privately held company ITM. Telix could also pay another $700 million to shareholders, if ITM’s lead drug meets regulatory and sales goals.
The merger creates another well-resourced company in the radiopharmaceutical field, which is currently dominated by Novartis. These medicines work by delivering radioactive isotopes directly to cancer cells. Novartis supercharged the field with the launch of its two such treatments in 2018 and 2022.
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