On June 5, Telix Pharmaceuticals, a biopharmaceutical company focused on the field of radionuclide conjugated drugs (RDC), disclosed the terms of its initial public offering (IPO) and plans to list on the NASDAQ. Telix plans to issue 17 million shares at a price of $11.87 per share, with an IPO amount of approximately US$202 million.

Telix said it is expected that the net proceeds from this offering will reach $183 million, and if the underwriters exercise all of their options to buy additional shares, the net proceeds will reach $211 million.

According to data from Pharmaceutical Finance Cloud, Telix Pharmaceuticals is a biopharmaceutical company founded in 2015 and headquartered in Melbourne, Australia. It mainly focuses on the development and commercialization of diagnostic and therapeutic radiopharmaceuticals, and has international operations in Belgium, Japan, Switzerland and the United States. Using a combination of targeted radiation imaging and treatment, Telix Pharmaceuticals' technology has the potential to change the way clinicians discover and treat cancer and rare diseases, better inform treatment decisions, and provide patients with truly personalized treatment. In November 2017, Telix Pharmaceuticals was listed with a market value of less than 40 million US dollars. As of June 5, 2024, the company's market value was 6.1 billion Australian dollars (nearly 4 billion US dollars), an increase of 100 times!

Telix has two approved radioisotope diagnostic methods, and two more products are awaiting approval. The company is also developing radiotherapy, two for prostate cancer, one for kidney cancer, and the other for glioblastoma (an aggressive type of brain cancer). Its main prostate cancer candidate (177Lu-TLx591) is currently undergoing phase III trials, and interim data is expected to be disclosed in the first half of 2025.

According to disclosed information, Telix's total revenue for the first quarter of 2024 was 115 million Australian dollars (76 million US dollars), up 84% year over year; revenue from customers was 175 million Australian dollars (1.16 US dollars), up 73% year over year. This increase was due to a 78.4% increase in commercial sales of Telix's main prostate cancer imaging product Illuccix in the US in the first quarter of 2024 compared to the first quarter of 2023. The increase in commercial sales was mainly driven by the expanding PSMA-PET imaging market and the increase in large hospital customers. As of March 31, 2024, the company had cash and cash equivalents of 122.7 million Australian dollars (US$81 million).

summed

Nuclear drugs have always been regarded as a race track with great potential, and nuclear drug research and development companies can also be described as a gathering of stars. In addition to AstraZeneca, Bristol-Myers Squibb, Novartis, and Eli Lilly in overseas markets, China Tongpo, Dongcheng Pharmaceutical, Yuanda Pharmaceuticals, and Hengrui Pharmaceuticals, “the first brother of medicine,” are also actively developing the nuclear medicine field, and various products are in the clinical stage. With the company's active layout, we believe domestic nuclear drugs will also achieve a breakthrough this year.

This article is reprinted from the WeChat account “Drug Finance Circle”, author: Willow; Zhitong Finance Editor: Yan Wencai.