Telix Pharmaceuticals

Telix agreed on Sep 21, 2026 to buy ITM for US$1.65B upfront: about 105.8M new shares at US$11.841 (about US$1.25B), US$301.8M of assumed net debt and US$96M of costs. Up to US$700M more depends on ITM-11 approvals and sales. ITM sellers would own about 23.7%.

This is the biggest bet in Telix's history and roughly doubles its therapy ambitions. Existing holders own less of a bigger company; the payoff rests on one drug.

A closing condition is that ITM re-submits a new drug application for ITM-11 to the FDA, or Telix agrees to proceed after final FDA meeting minutes. If shareholders vote it down, Telix pays ITM US$5M.

A re-submission suggests the FDA path for ITM-11 has already had at least one setback. Watch the FDA timeline as closely as the vote.

H1 2026 net profit was US$38M versus a US$2M loss a year earlier. It includes US$40M of other income from Regeneron's non-refundable upfront payment.

Without it, the US$29M pretax profit would have been a loss. The underlying trend still improved: adjusted EBITDA rose to US$52M from US$21M.

Gross profit was 53% of 2025 revenue, down from 65% in 2024, as cost of sales doubled to US$377.4M. RLS added US$170.1M of revenue in 2025 but lost US$8.8M.

Owning distribution brings revenue that earns far less than scan drugs. Manufacturing Solutions lost US$21.7M on an adjusted EBITDA basis in 2025.

The SEC asked for documents mainly on its prostate cancer therapy disclosures; Telix calls it fact-finding, with no charges. A class action filed Nov 10, 2025 in the Southern District of Indiana is at an early stage, and Telix has moved to dismiss.

Neither has a dollar estimate. Both stem from how Telix described its prostate therapy candidates, so trial news matters here too.

Zircaix (TLX250-Px) received a corrected complete response letter from the FDA on Apr 10, 2026. Telix is finalizing a resubmission to fix remaining third-party manufacturing observations.

Delays push out a product Telix has long counted on. The issue named is manufacturing, not the clinical data.

In April 2026 Telix sold US$600M of 1.50% notes due 2031, convertible at US$13.85 a share, with an investor put after year 3. It bought back about A$637M of its A$650M 2.375% bonds due 2029.

Lower interest and a later maturity, but the conversion price is above the US$11.841 ITM share price, and holders can demand cash in 2029.

To support the 2031 bond, a trust in which CEO Dr. Christian Behrenbruch holds an indirect interest lent 15M ordinary shares for 11 months.

Common in convertible deals, where investors borrow stock to hedge. Still a link between the CEO's holdings and company financing worth knowing.

Chair Tiffany Olson resigned Feb 3, 2026. Dr. Mark Nelson served as interim chair until David Gill, who joined the board in May, became chair on Sep 1, 2026. Two new directors stand for election, to join at closing.

Fast turnover at the top during an SEC inquiry and a large deal. Gill brings radiopharmaceutical and CFO experience.

Customers in the United States accounted for US$784.9M of US$803.8M of 2025 revenue, about 98%.

US pricing and reimbursement rules, such as Medicare Part B, matter more than anything else. ITM's 65+ country network would spread this somewhat.