Telix Pharmaceuticals has shaken up the biotech landscape with its $2.35 billion agreement to acquire ITM Isotope Technologies. The deal instantly put September 2026 on the map for biotech M&A, raising the stakes in the race for radiopharmaceutical dominance. Telix, an Australian multinational already known for supplying radioisotopes like lutetium-177, actinium-225, and terbium-161, is set to ramp up its global reach by bringing ITM’s drug pipeline and manufacturing sites under its wing.
ITM’s top candidate, ITM-11, links an octreotide-based somatostatin analog to lutetium-177 chloride and is now waiting on regulatory sign-off. The acquisition includes up to $700 million in milestone payments, all tied to regulatory and commercial targets. Telix is betting big, willing to take on risk to grab a lead spot in radiopharma. This move follows Telix’s earlier partnership with Regeneron, announced in April, to co-develop radiopharmaceutical drugs.
The merger between Aethlon Medical and North Immunology, announced on September 17, 2026, is expected to close in Q1 2027, pending shareholder and regulatory approvals, after which the combined company will retain the North Immunology name and Nasdaq listing.
Antibody and small molecule assets change hands
The September deal wave didn’t stop at radiopharma. GSK jumped into the multiple myeloma field by buying Chimagen Biosciences’ trispecific T cell-engager, a next-gen antibody built to connect T cells with two tumor antigens at once. According to an official company announcement, GSK now holds global rights to the Chimagen program. The deal, worth up to $750 million, builds on GSK’s earlier buyout of Chimagen’s dual T cell engager CMG1A46 in 2024 and follows its July purchase of Boston-based small molecule developer Nuvalent.
Elsewhere, Aethlon Medical, a California firm specializing in immunotherapy delivery devices, merged with Texas-based North Immunology. North Immunology brings a preclinical bispecific antibody aimed at atopic dermatitis and other immune diseases. A phase 1a trial for its lead program, NOR-101, is set for early 2027, with first clinical data expected in 2028. The merged company locked in $180 million in private placement funding, which, according to a press release from Aethlon Medical, should keep operations funded through the second half of 2028.
Obesity and cardiometabolic pipeline expansions
Novo, the Danish pharma giant now rebranded from Novo Nordisk, picked up three non-incretin molecules from Kallyope to strengthen its obesity drug lineup. Details are still under wraps, but these new assets are separate from the GLP-1 drugs that have powered Novo’s runaway sales of Wegovy and Ozempic, which are on track to hit nearly $40 billion by year-end. Novo didn’t disclose the price or specifics, but the deal shows the company is looking to branch out beyond its GLP-1 base.
Lisata Therapeutics, based in New Jersey, bought California’s Marea Therapeutics, a biotech focused on heart and metabolic conditions. Marea’s lead monoclonal antibody targets a protein found in fat cells, aiming to treat severe hypertriglyceridemia and atherosclerotic cardiovascular disease. Lisata, fresh off a $225 million private placement, is still pushing its own cancer peptide candidate, certepetide, while adding Marea’s cardiometabolic programs to its pipeline.
In the Aethlon Medical and North Immunology merger, North Immunology and new PIPE investors are set to receive approximately 95.25% of the combined company, while existing Aethlon shareholders will hold about 4.75% and receive contingent value rights tied to the legacy Hemopurifier business.
For perspective, this latest round of biotech dealmaking echoes the big-ticket transactions seen earlier in the year, including Shionogi’s $2 billion buyout of IntraBio, as reported earlier.
Editorial perspective
September’s burst of mergers and acquisitions shows a sector that’s not waiting around for slow growth. The Telix-ITM deal makes it clear: radiopharmaceuticals have moved from the sidelines to the center of the biotech fight. GSK’s antibody deals and Novo’s push into non-incretin obesity drugs reveal how established players are doubling down on pipeline diversity, often by betting big on assets that haven’t yet proven themselves. Companies are willing to put billions on the line in milestone-driven deals, even with regulatory outcomes still up in the air. The market is now defined by calculated risk and fierce competition. In biotech, bold moves are the new normal.
