Herbert Smith Freehills Kramer (HSF Kramer) is pleased to have advised Telix Pharmaceuticals Limited (ASX: TLX, NASDAQ: TLX) (Telix) on its transformational merger with ITM Isotope Technologies Munich SE (ITM), a global leader in radioisotope production and radiopharmaceutical development.
The merger will further strengthen Telix’s leadership as a vertically integrated radiopharmaceutical company with the capabilities required to develop, manufacture and deliver innovative treatments to patients globally.
The combined organisation will be uniquely positioned as a radiopharmaceutical industry leader, differentiated by a world-class scaled isotope manufacturing business with a validated global distribution network, a market-leading commercial precision medicine platform and the industry’s most extensive therapeutic radiopharmaceutical pipeline.
Subject to Telix shareholder approval, Telix will acquire 100% of the shares in ITM for US$1.65 billion upfront on a cash-free/debt-free basis. Additional contingent consideration of up to US$700 million will become payable upon the achievement of specified regulatory approvals and sales milestones for ITM-11.
HSF Kramer has a long-standing relationship with Telix, having advised Telix on transactions including its convertible bond offerings in 2026 (US$600 million) and 2024 (A$650 million), and its Nasdaq dual listing in 2024.
The HSF Kramer team was led by Partner, Tim McEwen and included Senior Associate, Jennifer Wong, and Solicitor, Sarah Leong.
Tim McEwen said: “This is an important strategic transaction for Telix. We are very pleased to have again had the opportunity to work with Telix on a significant transaction. Telix is an important client, with a meaningful purpose to help people with cancer and rare diseases live longer, better quality lives. It was a pleasure to work closely with the Telix team on a transformative growth transaction.”
For further information on the merger, read the full ASX announcement from Telix here.
This transaction is the latest example of HSF Kramer’s market-leading work in complex Australian and cross-border M&A. Other recent examples include advising:
- DigitalBridge on its acquisition of PLUSES
- Black Kite Partners on the successful completion of its acquisition of 13SICK, DoctorDoctor, 24-7Medcare and Australian Surgical Assisting
- Aura Consolidated Group on acquisition of Qoria Limited and ASX listing
- EQT on the acquisition of Orikan
- Ampol on its $1.165 billion acquisition of EG Australia
- Kinetic on its acquisition of Dysons
- The Riverside Company on its acquisition of Workbench International
- Axight on the acquisition of Estia Health as part of a Stonepeak-led consortium
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