TLX: $1.65B ITM radiopharma merger — ~105.8M shares / ~24% dilution + ITM-11 Ph3

[LondonNewsTrader]

M&A tape in radiopharma — dilution vs isotope-supply story.

Telix (TLX, ASX/Nasdaq) announced a deal to merge with Germany’s ITM Isotope Technologies Munich: ~US$1.65B upfront on a cash-free/debt-free basis. Structure sketch: ~US$1.25B in Telix shares (~105.8M shares at ~US$11.84 30-day VWAP) as Nasdaq ADRs after escrow, ~US$302M net debt assumed, plus up to US$700M contingent on ITM-11 FDA approvals / 2030 sales. Post-deal ownership ~76% Telix / ~24% ITM. Close targeted by end-FY2026 (Telix shareholder + regulatory). ITM brought ~US$273M 2025 revenue (isotope supply); ITM-11 (177Lu-edotreotide) has a completed Ph3 (COMPETE) and a second Ph3 fully enrolled.

Scalper read: share-heavy deals often gap on dilution first, then grind if the strategic story sticks. Watch AH/PM vs ASX cross and whether peers in nuclear medicine follow. Not a day-one “arb” — closing is months out.

Source (paraphrase): Telix / GlobeNewswire 21 Sep 2026 via StockTitan / company release.

Fading the dilution print into first liquidity, or waiting for Tue when ASX/US books sync?
Anyone mapping this vs other radiopharma names for a relative-value pair, or pure single-name event?