STAT+: Radiopharma companies merge after one receives surprise FDA rejection

ITM Isotope Technologies Munich SE and Telix Pharmaceuticals, two leading radiopharmaceutical companies, are merging in a deal valued at at least $1.65 billion. Under the agreement, Telix will acquire all shares of the privately held ITM. Telix could also pay an additional $700 million to shareholders if ITM’s lead drug meets regulatory and sales goals.

The transaction creates another well-resourced player in the radiopharmaceutical sector, which is currently dominated by Novartis. These medicines work by delivering radioactive isotopes directly to cancer cells; Novartis supercharged the field by launching two such treatments in 2018 and 2022. The headline notes the merger comes after one of the companies received a surprise FDA rejection, though the excerpt does not identify which company or product was affected.