Gilbert + Tobin has advised ITM Isotope Technologies Munich SE (ITM) on the Australian law aspects of its proposed combination with ASX- and Nasdaq-listed Telix Pharmaceuticals Limited (Telix), in a transaction valued at up to USD2.35 billion, approximately $3.3 billion.
The combination brings together two global radiopharmaceutical businesses with complementary capabilities spanning therapeutic radioisotope production, drug development, manufacturing and commercialisation.
Munich-headquartered ITM is a global radiopharmaceutical company focused on the production of medical radioisotopes and the development of targeted radionuclide therapies. Its platform includes a global isotope supply network and a late-stage oncology pipeline.
Under the transaction, Telix will acquire 100% of ITM, with the proposed combination expected to strengthen Telix’s access to therapeutic radioisotopes and broaden its late-stage therapeutics pipeline, including ITM-11, ITM’s radiopharmaceutical candidate for the treatment of gastroenteropancreatic neuroendocrine tumours.
On completion, the cash and scrip deal will see ITM shareholders hold approximately 24% of Telix’s issued shares.
The transaction is expected to complete by the end of FY2026, subject to Telix shareholder approval, regulatory approvals and other customary closing conditions.
G+T Corporate Advisory Partner David Josselsohn led the Australian team advising ITM on the Australian law aspects of the proposed combination, supported by Lucy Hall and Francis Burfitt, and Deborah Johns, who advised on FIRB.
David Josselsohn said:
This combination brings together two highly complementary radiopharmaceutical platforms at a time of significant growth and investment in the sector. It is a strategically important cross-border transaction that strengthens the scale, pipeline and global reach of the combined business.
G+T worked closely with Latham and Watkins LLP who were lead counsel on the transaction.
