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Isotopen Technologien München Acquisition, Valuation, Funding & Investors
Isotopen Technologien München was acquired by Telix Pharmaceuticals for $2.4B in September 2026, a 8.6x multiple on $273M of revenue.
Isotopen Technologien München revenue at acquisition
$273M
Last twelve months · Sep 2026
Isotopen Technologien München revenue multiple at acquisition
8.6x
EV/Revenue · Sep 2026
Cumulative funding Isotopen Technologien München raised
$705M
across 8 funding rounds
About Isotopen Technologien München
Munich-based Isotopen Technologien München is a radiopharmaceutical company producing targeted agents for cancer diagnosis and therapy, emphasizing theranostic approaches with GMP-certified manufacturing and proprietary isotope generators for precision oncology.
Founded
2004
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$273M (Jun 2023)
Valuation
$2.4B (acquired Sep 2026)
Isotopen Technologien München Acquisition
Isotopen Technologien München was acquired by Telix Pharmaceuticals for $2.4B on 20 September 2026.
The acquisition price implies a 8.6x revenue multiple on $273M of revenue.
Before the acquisition Isotopen Technologien München had raised $705M across 8 funding rounds.
Telix Pharmaceuticals Limited agreed in September 2026 to acquire 100% of the shares of Germany-based ITM Isotope Technologies Munich SE (Isotopen Technologien München) in a cash-free, debt-free transaction valued at approximately $1.65 billion upfront, with additional contingent consideration of up to $700 million tied to regulatory approvals and commercial milestones for ITM’s lead therapeutic candidate ITM-11. The consideration structure is predominantly stock-based, with about $1.25 billion payable in Telix shares (American depositary receipts) and Telix also assuming around $300 million of ITM’s net debt and transaction-related costs. Upon completion, Telix shareholders are expected to own roughly three-quarters of the combined company, with ITM shareholders holding the remaining stake, and closing is targeted by the end of 2026 subject to shareholder and regulatory approvals. The strategic rationale is to create a vertically integrated radiopharmaceutical leader by combining Telix’s therapeutic and diagnostic pipeline with ITM’s global radioisotope production and supply-chain capabilities. ITM is a key supplier of lutetium and other medical radioisotopes underpinning targeted radionuclide therapies, and bringing this capability in-house is intended to secure Telix’s isotope supply, reduce supply-chain risk, and improve margins across its portfolio. The deal is also structured to align incentives around the development and commercialization of ITM-11, with the earn-out linked to achieving specified regulatory approvals and sales milestones, reflecting Telix’s expectation that ITM-11 can be a significant growth driver in gastroenteropancreatic neuroendocrine tumours. The merger positions the combined group as a “radiopharmaceutical powerhouse,” expanding Telix’s presence across Europe and globally, and enabling broader product development and commercialization across diagnostics and therapeutics. ITM Isotope Technologies Munich SE (Isotopen Technologien München) is a Garching/Munich-based radiopharmaceutical and radioisotope specialist focused on the development, production, and distribution of medical isotopes and targeted radiopharmaceutical therapies. The company operates a network of production facilities and distribution centres that supply critical isotopes to hospitals, research institutions, and industry partners worldwide. ITM’s pipeline includes ITM-11, a targeted radiopharmaceutical candidate for treating gastroenteropancreatic neuroendocrine tumours, alongside established isotope supply operations that serve much of the targeted radionuclide therapy industry. Through this acquisition, ITM transitions from an independent German SE with a diversified shareholder base into a wholly owned subsidiary within Telix’s global radiopharmaceutical platform, with its operational scale, manufacturing infrastructure, and workforce integrated to support Telix’s expansion plans and long-term growth.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 20 Sep 2026 | Strategic M&A | $2.4B | 8.6x |
Isotopen Technologien München Revenue
Isotopen Technologien München's latest recorded revenue is $273M, as of its undisclosed-stage round in June 2023.
Isotopen Technologien München revenue by funding round
| Date | Revenue * | Stage |
|---|---|---|
| Jun 2023 | $273M | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Isotopen Technologien München Funding History
Isotopen Technologien München has raised a total of $705M across 8 funding rounds.
Isotopen Technologien München's first fundraising round was a $23M undisclosed-stage round in March 2016. The most recent completed round was a $202M undisclosed-stage round in June 2024.
Isotopen Technologien München funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jun 2024 | Undisclosed stage | Temasek (lead); Athos; Qatar Investment Authority; Carbyne; BlackRock | $202M | ITM Isotope Technologies Munich SE (ITM) is a leading German radiopharmaceutical biotech company focused on developing precision oncology therapeutics and diagnostics for hard-to-treat tumors, combining high-quality radioisotopes with targeting molecules. Its pipeline includes the phase III lead candidate ITM-11 (n.c.a. 177Lu-edotreotide) for gastroenteropancreatic neuroendocrine tumors (GEP-NETs), with two ongoing phase III studies, and earlier-stage programs across various oncology indications. On June 6, 2024, ITM announced a €188 million ($208 million) equity investment led by Temasek Holdings, with participation from funds managed by BlackRock, Qatar Investment Authority (QIA), ATHOS, and Carbyne—matching the specified investors. The funds will advance ITM’s radiopharmaceutical pipeline, expand its development platform, prepare for potential commercial launch of ITM-11, increase in-house manufacturing of no-carrier-added Lutetium-177 (177Lu), and scale production of high-value isotopes like Actinium-225 (225Ac). ITM holds a leading position as the world's top manufacturer of n.c.a. 177Lu and supplies radioisotopes including gallium-68, with recent milestones like opening the NOVA facility, launching the Actineer joint venture with Canadian Nuclear Laboratories for 225Ac production, and securing high-value 177Lu supply agreements. This follows a prior €255 million round in June 2023 from a similar investor syndicate including Temasek, BlackRock, QIA, ATHOS, and Carbyne (plus Nextech). The radiopharmaceutical sector has boomed, with peers acquired for $8.5 billion combined in the prior 12 months and new collaborations with big pharma like Eli Lilly and Roche. ITM's dual role in isotope supply and drug development provides strategic control amid market growth. |
| Jun 2023 | Undisclosed stage | Temasek (lead); Athos; Nextech Invest; Qatar Investment Authority; Carbyne; BlackRock | $278M | ITM Isotope Technologies Munich SE (ITM), a leading radiopharmaceutical biotech company based in Garching/Munich, Germany, specializes in developing innovative radiopharmaceutical therapies and manufacturing medical radioisotopes, including its position as the globally leading producer of no-carrier-added Lutetium-177 (n.c.a. 177Lu). The company announced a €255 million equity investment round on June 5, 2023, led by Temasek with participation from BlackRock Alternatives, Qatar Investment Authority (QIA), Nextech, ATHOS, and Carbyne. The round consisted mostly of primary capital with a minority of secondary shares and was described as one of the largest private investment rounds in European biotech to date. Proceeds from the round were allocated to enhance ITM’s radiopharmaceutical pipeline, bolster commercial infrastructure, expand leading manufacturing capabilities for radioisotopes like 177Lu and others such as Actinium-225 (225Ac), and enable strategic initiatives. ITM’s phase III lead candidate, ITM-11 (n.c.a. 177Lu-edotreotide), targets gastroenteropancreatic neuroendocrine tumors (GEP-NETs), with funds supporting commercial readiness and pipeline expansion into various cancer indications. The company also supplies isotopes like gallium-68 and has launched initiatives including a new production site in Germany and a joint venture with Canadian Nuclear Laboratories for actinium-225 production. This 2023 funding preceded a follow-on €188 million ($208 million) equity round in June 2024 from the same investor syndicate, bringing total recent capital to over €440 million and underscoring strong investor confidence amid a booming radiopharmaceutical sector where peers saw $8.5 billion in acquisitions. ITM’s dual role in isotope supply and drug development provides strategic control, with CEO Steffen Schuster noting the market's transformation and the firm’s unmatched capabilities in precision oncology. |
| Mar 2022 | Undisclosed stage | Portland Holdings; Indigenous Critical Infrastructure Fund Canada | $37M | ITM Isotope Technologies Munich SE (ITM) is a leading radiopharmaceutical biotech company specializing in the production and supply of high-quality medical radioisotopes for precise diagnosis and targeted treatment of cancer indications, with a focus on precision oncology through targeted radiopharmaceuticals. On March 22, 2022, ITM closed an equity investment of EUR 33 million from the Indigenous Critical Infrastructure Fund Canada (ICIF) and a private equity fund managed by Portland Investment Counsel Inc., related to Portland Holdings, following a prior EUR 25 million investment from Grand Pharma, bringing the total raised in this 2022 financing round to EUR 58 million. The proceeds are primarily allocated to completing late-stage development of lead candidate ITM-11 (n.c.a. 177Lu-edotreotide), currently in two Phase III trials for gastroenteropancreatic neuroendocrine tumors (GEP-NETs), as well as commercialization efforts, advancing additional pipeline candidates, and expanding radioisotope supply capacities. ITM positions itself as a global leader in radiopharmaceutical manufacturing, revolutionizing traditional treatments like chemotherapy and external radiation with diagnostic and therapeutic solutions aimed at improving cancer patient outcomes and quality of life. Investors such as Michael Lee-Chin, founder of Portland Holdings and ITM Supervisory Board member, highlighted the investment's alignment with democratizing healthcare and supporting precision oncology's paradigm shift. Subsequent developments include a larger EUR 188 million equity investment in June 2024 led by Temasek with BlackRock, Qatar Investment Authority, ATHOS, and Carbyne to advance the pipeline, particularly ITM-11, enhance manufacturing like the NOVA facility for Lutetium-177, and secure supply agreements, underscoring ongoing investor confidence in ITM's capabilities. The company has achieved milestones such as operational readiness of its NOVA facility, the world's largest Lutetium-177 production site, and partnerships like Actineer with CNL for Actinium-225 production. |
| Feb 2022 | Strategic investment | China Grand Pharmaceutical and Healthcare Holdings (lead) | $28M | ITM Isotope Technologies Munich SE (ITM), a Garching/Munich-based radiopharmaceutical biotech company, develops and manufactures precision oncology treatments and diagnostics using medical radioisotopes combined with tumor-specific targeting molecules. Its lead candidate, ITM-11 (n.c.a. 177Lu-Edotreotid), targets gastroenteropancreatic neuroendocrine tumors (GEP-NETs) and is in Phase III trials including COMPETE and COMPOSE studies. On February 16, 2022, ITM received a €25 million (USD 28 million) equity investment from a subsidiary of Grand Pharmaceutical Group Limited (GP), a Hong Kong-listed pharma company, to deepen their strategic alliance following a €520 million licensing deal granting GP exclusive rights to ITM-11, ITM-41 (n.c.a. 177Lu-Zoledronat), and the companion diagnostic TOCscan (68Ga-Edotreotid) in Greater China. The investment supports advancement of ITM's radiopharmaceutical pipeline, particularly late-stage development of ITM-11, and expansion of its presence in Asia leveraging GP's expertise in drug development and distribution. ITM positions itself as a leading producer of medical radioisotopes with a broad clinical pipeline aimed at ushering in precision medicine for oncology. GP views targeted radionuclide therapies as a core focus, highlighting ITM's capabilities in this space. This €25 million round is distinct from other 2022 financings, such as a €33 million equity round and a later $262.5 million debt facility from Blue Owl Capital, reflecting ITM's maturation toward commercial readiness. Strategic partnerships, including joint ventures for Actinium-225 production with Canadian Nuclear Laboratories and isotope expansion in China with Chengdu Gaotong, further bolster ITM's global supply chain for key isotopes like non-carrier-added Lutetium-177. |
| Jun 2021 | Undisclosed stage | Portland Holdings (lead); FRIBA Investment | $30M | ITM Isotopen Technologien München AG (ITM) is a radiopharmaceutical biotech company founded in 2004, specializing in precision oncology through the development, production, and global supply of radioisotopes and radiotherapeutics for cancer treatment, including Lutetium-177 for radiopharmaceutical therapy. The company announced a EUR 25 million (USD 30 million) private equity financing round from existing and new investors, including related and connected parties to Portland Holdings and FRIBA Investment, with Portland Holdings as a key participant aligning with the query details. This round, closed around mid-2021, was additional to a prior EUR 90 million convertible loan from April 2021 and supported global expansion, addition of novel programs to its precision oncology pipeline, and advancement of clinical candidates across oncology indications. Portland Holdings' involvement reflects their focus on life sciences and nuclear technologies, with ITM noted in their commentaries for production partnerships like the Bruce Power Lutetium-177 project and subsequent developments such as obtaining a Radioactive Material Handling License in 2023. |
| Apr 2021 | Undisclosed stage | Petrichor Healthcare Capital Management (lead) | $108M | ITM Isotopen Technologien München AG (ITM), a radiopharmaceutical biotech company founded in 2004 and based in Garching/Munich, Germany, specializes in precision oncology through targeted radionuclide therapy and diagnostics, leveraging radioisotopes for cancer treatments. The company focuses on developing radiomolecular precision therapeutics for hard-to-treat tumors, with a pipeline including lead candidate n.c.a. (likely 177Lu-Edotreotide) in Phase III trials for gastroenteropancreatic neuroendocrine tumors (GEP-NETs). On April 22, 2021, ITM closed a convertible loan financing of EUR 90 million (USD 109 million) led by Petrichor Healthcare Capital Management, with participation from undisclosed investors. Proceeds were allocated to expand the precision oncology pipeline, fund late-stage development, and support market access for n.c.a. In connection with the financing, Tadd Wessel from Petrichor joined ITM's supervisory board. This structured the company's position as a leader in targeted radionuclide therapy. The 2021 convertible loan was later converted into equity, as noted in subsequent announcements. In June 2023, ITM raised a €255 million equity round led by Temasek, with participants including BlackRock Alternatives, Qatar Investment Authority, Nextech, ATHOS, and Carbyne, to advance the radiopharmaceutical pipeline and expand radioisotope production. An additional €25 million private equity financing occurred in 2021 from existing and new investors to support pipeline advancement. ITM's growth reflects strong investor confidence in radiopharma, with Reed Smith advising on multiple transactions including the 2021 convertible and later deals. |
| Jul 2018 | Undisclosed stage | Capmont | - | - |
| Mar 2016 | Undisclosed stage | MedTech (lead) | $23M | ITM Isotopen Technologien München AG (ITM) is a biotechnology and radiopharmaceutical company founded in 2004, focused on developing, producing, and supplying innovative diagnostic and therapeutic radiopharmaceuticals and radionuclides for cancer treatment, including targeted radionuclide therapies for neuroendocrine tumors, prostate cancer, skin cancers, bone metastases, glioblastoma, osteosarcoma, and folate receptor-positive tumors like lung, ovarian, or breast cancer. The company has established GMP manufacturing and a global supply network for medical radioisotopes and generators. ITM's pipeline features assets like 68Ga-Edotreotide (approved for gastroenteropancreatic neuroendocrine tumors), Lutetium (177Lu) edotreotide (Phase 3), ITM-24D (Phase 3 for prostate cancer), and others in earlier stages targeting PSMA, FOLR1, and CA12. The company aims to improve cancer patient outcomes via precision oncology while reducing side effects and enhancing health economics. In a funding round around early 2016, ITM raised 20 million EUR in equity from MedTech Focused Family Office, a MedTech-focused family office, with plans to advance its proprietary pipeline of targeted radionuclide therapies, accelerate market entry for therapeutic and diagnostic products, and support company growth. Later developments include a 2022 raise of $36.2 million and a much larger €188 million ($204.6 million) investment led by Temasek with BlackRock, QIA, ATHOS, and Carbyne to expand the radiopharmaceutical pipeline, including Phase III candidate ITM-11, manufacturing for Lutetium-177 and Actinium-225, and global supply. |
Who has invested in Isotopen Technologien München?
13 investors have backed Isotopen Technologien München across its funding rounds, including Temasek, BlackRock, Qatar Investment Authority, Carbyne, Athos and Portland Holdings.
Lead investors include Temasek, China Grand Pharmaceutical and Healthcare Holdings, Portland Holdings, Petrichor Healthcare Capital Management and MedTech.
Isotopen Technologien München Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2023 | ||
| 2 | Participant | Jun 2023 | ||
| 2 | Participant | Jun 2023 | ||
| 2 | Lead | Jun 2021 | ||
| 2 | Participant | Jun 2023 | ||
| 2 | Participant | Jun 2023 | ||
| 1 | Participant | Jun 2023 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Lead | Mar 2016 | ||
| 1 | Participant | Jul 2018 | ||
| 1 | Participant | Mar 2022 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Isotopen Technologien München
Isotopen Technologien München has acquired 1 company to date.
Last acquisition by Isotopen Technologien München was on August 18th 2022. Isotopen Technologien München acquired Positron Precision for undisclosed valuation.
Latest Acquisitions by Isotopen Technologien München
| Description | Positron Precision is a developer of radiopharmaceutical technologies centered on positron emission tomography tracers. It maintains a platform for PET imaging agents targeting cancer diagnostics and several alpha-emitting radiotherapeutics in preclinical stages. The company focuses on next-generation probes for prostate cancer and neuroendocrine tumors, integrating chemistry and cyclotron production methods. |
| HQ Country | |
| HQ City | Zornheim |
| Deal Date | 18 Aug 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Isotopen Technologien München acquisitions and their M&A valuation multiples. Start Free Trial | |
Isotopen Technologien München Competitors
Isotopen Technologien München competitors include listed companies like Jafron Biomedical and Celldex Therapeutics, and private ones like ArsenalBio, BioRay Pharmaceuticals, Rakuten Medical and Biomat USA.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $302M | $123M | $2.5B | 7.1x | ||
| Private | - | - | $1.9B | - | ||
| Private | $131M | - | $1.9B | 14.5x | ||
| Private | - | - | $1.7B | - | ||
| Private | - | - | $4.2B | - | ||
| Publicly listed | $2M | ($255M) | $2.3B | 1302.8x |
Isotopen Technologien München Public Comps
Isotopen Technologien München is no longer listed, but its public comps include UFP Technologies, Celldex Therapeutics, Elekta, Granules India, Zealand Pharma, Buchang Pharma, Hemab Therapeutics, Pharvaris, AddLife and Septerna.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $603M | $112M | 4.1x | 3.8x | 21.9x | 18.5x | |||
| $2M | ($255M) | 1104.0x | 1302.8x | (6.7x) | (5.4x) | |||
| $1.7B | $136M | 1.7x | 1.6x | 20.8x | 9.3x | |||
| $567M | $122M | 4.0x | 3.6x | 18.7x | 16.0x | |||
| $1.4B | $1B | 0.2x | 0.3x | 0.2x | 0.5x | |||
| $1.8B | $174M | 1.5x | - | 15.1x | - | |||
| - | ($66M) | - | - | (27.9x) | (18.3x) | |||
| - | ($202M) | - | - | (10.2x) | (9.7x) | |||
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Common questions about Isotopen Technologien München
| When was Isotopen Technologien München founded? | Isotopen Technologien München was founded in 2004. |
| Where is Isotopen Technologien München headquartered? | Isotopen Technologien München is headquartered in Munich, Germany. |
| Is Isotopen Technologien München publicly listed? | No, Isotopen Technologien München was acquired by Telix Pharmaceuticals in September 2026. |
| Who acquired Isotopen Technologien München? | Isotopen Technologien München was acquired by Telix Pharmaceuticals in September 2026. |
| How much was Isotopen Technologien München acquired for? | Isotopen Technologien München was acquired for $2.4B in September 2026, a 8.6x revenue multiple. |
| How much funding has Isotopen Technologien München raised? | Isotopen Technologien München has raised $705M across 8 funding rounds. |
| What was Isotopen Technologien München's last funding round? | Isotopen Technologien München's last funding round was a $202M undisclosed-stage round in June 2024, led by Temasek. |
| Who are Isotopen Technologien München's investors? | Isotopen Technologien München's investors include Temasek, Athos, Qatar Investment Authority, Portland Holdings, Carbyne, BlackRock, Nextech Invest, FRIBA Investment, MedTech, Capmont and 3 others. |
| What is Isotopen Technologien München's revenue? | Isotopen Technologien München's latest recorded revenue is $273M (June 2023). |
| Which companies are comparable to Isotopen Technologien München? | Companies comparable to Isotopen Technologien München include Jafron Biomedical, ArsenalBio, BioRay Pharmaceuticals, Rakuten Medical, Biomat USA and Celldex Therapeutics. |
| How many companies has Isotopen Technologien München acquired? | Isotopen Technologien München has acquired 1 company, including Positron Precision. |
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