Friday, May 30, 2025

ITM Secures $262.5 Million from Blue Owl to Support U.S. Launch of ITM-11

Garching / Munich, May 27, 2025 – ITM Isotope Technologies Munich SE, a leading radiopharmaceutical biotech company, has announced a non-dilutive debt financing agreement for up to $262.5 million from funds managed by Blue Owl Capital.

The capital will primarily support the commercial readiness and potential U.S. launch of the company’s lead candidate, n.c.a.177Lu-edotreotide (ITM-11). The radiopharmaceutical recently met the primary endpoint in the COMPETE Phase 3 study for the treatment of gastroenteropancreatic neuroendocrine tumors (GEP-NETs), and ITM plans to file a New Drug Application (NDA) with the FDA in 2025.

Beyond ITM-11, the funds will also drive the advancement of ITM’s innovative pipeline of targeted radiopharmaceuticals and the scale-up of Actinium-225 production via its joint venture Actineer. An initial $140 million will be provided upon closing, with additional tranches available at ITM’s discretion.

“This strategic funding allows us to move rapidly toward potential FDA approval and commercialization of ITM-11, while continuing to invest in our broad pipeline,” said Dr. Andrew Cavey, CEO of ITM.

Blue Owl’s support underscores confidence in ITM’s market leadership.
“With its vertically integrated model, ITM is uniquely positioned to impact precision oncology,” said Sandip Agarwala, Managing Director and Head of Life Sciences at Blue Owl.

By combining in-house isotope manufacturing with clinical-stage drug development, ITM has built a solid foundation for sustained growth and innovation in radiopharmaceuticals.