Telix Pharmaceuticals, a commercial-stage Australian biotech developing therapeutic and diagnostic radiopharmaceuticals, announced terms for its IPO on Wednesday.
The North Melbourne, Australia-based company plans to raise $202 million by offering 17 million ADSs at $11.87, the as-converted last close of its shares on the ASX (TLX). At the proposed price, Telix Pharmaceuticals would command a fully diluted market value of $4.2 billion.
Telix Pharmaceuticals is focused on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals, with a pipeline of candidates across urologic oncology (prostate and kidney), neuro-oncology (glioma), musculoskeletal oncology (sarcoma), and bone marrow conditioning. Its prostate cancer portfolio includes Illuccix, a commercially available gallium 68-labelled prostate-specific membrane antigen prostate cancer imaging agent. Illuccix was approved by Australia's TGA and the FDA in 2021, and Health Canada in 2022.
Telix Pharmaceuticals was founded in 2017 and booked $383 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol TLX. Jefferies, Morgan Stanley, Truist Securities, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of June 10, 2024.
