ITM Isotope Technologies Munich SE, a German biotech firm specializing in radiopharmaceuticals, is in discussions on a potential sale of its medical isotope production business, according to people familiar with the matter.
The company has been working with advisers on the possible transaction and is in talks with several private equity firms, said the people, who asked not to be identified as the information is private. The manufacturing business has an earnings before interest, taxes, depreciation and amortization of about €60 million, they added.
The potential move is part of ITM's plan to split itself into two companies, according to the people. The remaining business, which holds the intellectual property and develops medicines, could be relocated to the US where there's better access to fresh capital, they said.
Considerations are preliminary and plans could still change, the people said. A representative for ITM declined to comment.
ITM supplies radioactive isotopes including Lutetium-177, which is used in radioligand therapies such as Novartis AG's prostate cancer drug Pluvicto. The company weighed an initial public offering in the US in 2022, aiming for a valuation of as much as $1.5 billion, according to a Handelsblatt report at the time.
ITM is awaiting US regulatory approval for the experimental drug, with a decision expected over this summer.
Spanish Prime Minister Pedro Sánchez threatened to quit two years ago when his wife, Begoña Gómez, was embroiled in a graft probe. Now he's under pressure again after a judge said she should go on trial.
The case is one of four involving corruption allegations leveled at close relatives and associates of the Spanish leader. Sánchez's brother is due to stand trial next month on charges of misconduct in public office. Two former top aides of the prime minister also face court hearings over accusations of bribery, influence peddling and criminal association.
The prospect of highly-publicized, simultaneous trials is a blow to Sánchez's Socialists, who came to power in 2018 promising to tackle government corruption and need to improve their vote share in an election next year to avoid relying on smaller parties to govern.
How did the case against Gómez come about?
It began with a complaint filed by an association with links to the far-right, Manos Limpias -- Spanish for "Clean Hands" -- which made use of a legal mechanism that allows third parties to request criminal investigations.
Judge Juan Carlos Peinado then gathered evidence to decide whether there were grounds to put Gómez on trial. Following the investigation, he charged her with embezzlement, influence peddling, corruption in business and trademark misappropriation. Peinado said she used her relationship with her husband to influence government officials and advance her career in the private sector.
What is Gómez accused of doing?
Peinado said Gómez took advantage of her high-profile position to secure a senior university chair role at Complutense University in Madrid, and used it to channel public funds into a software development project. She later brought the project under her own private control as a means of personal enrichment, Peinado alleged.
What do Gómez and Sánchez say?
Gómez has not responded publicly to the charges. The Socialist Party has rejected the allegations against her and portrayed the case as a political smear campaign.
When his wife was formally placed under investigation in 2024, Sánchez said he considered quitting his job. He decided to stay, saying the allegations were unfounded and intended to damage him. On a visit to China in mid-April, Sánchez said he expected time to "put everyone in their place," adding: "What I ask of the justice system is that it deliver justice."
Justice Minister Félix Bolaños issued a rare rebuke of judge Peinado after his call to bring the case to trial. "I believe it has embarrassed many citizens of our country; it has embarrassed many judges and magistrates of our country," Bolaños said.
What is Manos Limpias?
The group, which says it campaigns to defend ethical standards in public life, has a history of taking left-wing politicians to court. Right-wing religious organization Hazte Oír and the anti-immigrant party Vox have joined it in pressing for Gómez to face trial.
Manos Limpias is also behind the case against Sánchez's brother.
How bad is all this for Sánchez?
The Spanish leader already saw off calls for his resignation over the corruption cases involving two of his party deputies. While a conviction of Gómez would have no direct legal consequences for Sánchez, it risks eroding his standing with some voters. The court case could drag on for years, overshadowing the Socialists' efforts to finally secure a parliamentary majority in the 2027 general election.
Government supporters point out that the original Manos Limpias complaint against Gómez was based on news clippings from anti-government websites, some of which were subsequently found to be wrong.
Peinado's investigation itself has been controversial. Higher courts have rejected some of his decisions regarding the scope and procedure of the probe. Other parts have been upheld.
The Sanchez government has long had a complicated relationship with the judiciary, which it considers to be broadly sympathetic to the political right. There are three large judges' associations in Spain, the biggest of which is right-wing.
What are the cases involving Sanchez's political aides?
José Luis Ábalos, a close Sánchez ally who was Spain’s transport minister and oversaw the Socialist party’s day-to-day operations, has been charged along with two associates with corrupt dealings in the sale of face masks to public health bodies during the Covid-19 pandemic.
The case has drawn widespread media attention as a cohort of ex-girlfriends and businessmen give testimony on the dealings of Abalos and his allies, including allegations of cash being delivered to the Socialist party headquarters in Madrid.
Abalos' successor, Santos Cerdán, faces a trial over allegations of organized crime, bribery and influence peddling.