Telix agrees to buy Germany’s ITM, and the market flinches
The Melbourne radiopharmaceutical company’s deal is worth up to US$2.35 billion; its shares fell almost 12%.
Telix will pay US$1.65 billion (about A$2.3 billion) upfront for Munich-based ITM Isotope Technologies, including US$1.25 billion in Telix shares at US$11.84. Up to US$700 million more depends on FDA approval and sales milestones, taking the possible total to about A$3.3 billion.
ITM is Germany’s leading supplier of therapeutic radioisotopes, in particular lutetium-177 for cancer treatment.
Telix shares fell 11.7% to $15.76 on 21 September. Afterwards Telix holders will own about 76% of the company. Shareholders vote in November.
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