Telix Pharmaceuticals plans to issue 17 million American depositary shares at a price of $11.87 per share (converted from its latest closing price on the Australian Securities Exchange) to raise $202 million. According to the proposed price, Telix Pharmaceuticals' fully diluted market cap will reach $4.2 billion.
Telix Pharmaceuticals (TLX.US) announced the terms of its initial public offering (IPO) on Wednesday, according to the Smart Finance app. The company is a commercial-stage Australian biotechnology company that develops therapeutic and diagnostic radiopharmaceuticals.
The company, headquartered in North Melbourne, Australia, plans to issue 17 million American depositary shares at a price of $11.87 per share (converted from its latest closing price on the Australian Securities Exchange) to raise $202 million. According to the proposed price, Telix Pharmaceuticals' fully diluted market cap will reach $4.2 billion.
Telix Pharmaceuticals focuses on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals, with a portfolio of candidates in areas such as urological oncology (prostate and kidney), neuro-oncology (glioblastoma), musculoskeletal oncology (sarcoma) and bone marrow conditioning. Its prostate cancer product portfolio includes Illuccix, a commercially available 68-gallium-labeled prostate-specific membrane antigen prostate cancer imaging agent. Illuccix was approved by the Australian TGA and FDA in 2021 and by Health Canada in 2022.
Telix Pharmaceuticals was founded in 2017 and had revenue of $383 million for the 12 months ended March 31, 2024. The company plans to list on the Nasdaq with the stock code TLX. Jefferies Financial, Morgan Stanley, Truist Securities and William Blair are the joint book runners for this transaction. The company is expected to price during the week of June 10, 2024.