The collaboration comes as pharmaceutical developers explore alternative delivery routes for biologic medicines, which can present formulation and administration challenges because of their molecular size and complexity.
Following completion of the acquisition, ITM shareholders are expected to hold 23.7% of Telix, while existing Telix shareholders will retain 76.3%.
The test is now being evaluated for use in Sub-Saharan Africa, where researchers hope it could become the first validated rapid diagnostic test for iron deficiency.
The achievement places Australia among 63 countries globally and 16 in the WHO Western Pacific Region that have eliminated at least one NTD.
The sale came about following an unsolicited offer from BGH Capital, which focuses on investments in Australia and New Zealand.