Lutetium-177 DOTA girentuximab

Just a week after announcing plans for a $200-million debut on NASDAQ, Australian radiopharmaceutical developer Telix Pharmaceuticals has pulled out of the IPO race in the US. The company blamed the decision on “the terms provided under current market conditions.”Telix was hoping to sell 17 million American depositary shares at a price based on the trading price of its ordinary shares on the Australian stock exchange (ASX). CEO Christian Behrenbruch said Friday that despite “strong interest” from healthcare and specialty biotech funds, the “sticking point in the process was pricing.”Behrenbruch explained “if we had made the decision to proceed… we would have priced and traded on the basis of a discount to our ASX market capitalisation that was not palatable to management and would have reflected a lack of respect for our existing shareholders.”Telix added that since the proposed NASDAQ listing wasn't driven by the need to raise capital, management decided not to proceed with the transaction at this time. “While this is not our desired outcome, Telix’s strategic objectives must align with our duty to existing shareholders,” remarked Behrenbruch.Remains profitableTelix clarified that it remains profitable, with sufficient finances to support its key objectives, including the commercial launch of its assets Zircaix (Zr-DFO-girentuximab), Pixclara (18F-floretyrosine) and TLX007-CDx in the US, alongside execution of global clinical studies. The radiopharmaceutical maker further noted that from the time an ‘intention to file’ was announced in January, it has reached significant milestones, including positive clinical readouts, strategic acquisitions of IsoTherapeutics Group, ARTMS, and QSAM Biosciences worth $98.6 million to bolster its manufacturing capacity and pipeline, and two additional FDA approval submissions.The company’s investigational pipeline boasts TLX591 (177Lu rosopatamab tetraxetan) for prostate cancer, TLX250 (177Lu-DOTA-girentuximab) for renal cancer, TLX101 for glioblastoma, and TLX300 targeting soft tissue sarcoma. Additionally, Telix is testing the QSAM asset Samarium-153-DOTMP to manage pain in pediatric patients with bone metastases or osteosarcoma. Last month, Telix also inked a deal with Bayer to supply Illuccix (TLX591-CDx) for the latter’s Phase III ARASTEP study in prostate cancer.For more, see - Vital Signs: Mapping the slim pickings in radiopharmaceuticals.

Pictured: Nasdaq advertisements on Times Square in New York City/iStock, flavijus Telix Pharmaceuticals on Friday announced that the company voluntarily withdrew its previously announced $200 million-plus initial public offering, shortly before it was set to debut on the Nasdaq. The radiopharma developer in Friday’s announcement pointed to the “current market conditions” as its reason for pulling its initial public offering (IPO). “Given the proposed Nasdaq listing was not predicated on the need to raise capital, Telix’s management and Board of Directors have decided not to move forward with the transaction at the terms provided,” Telix said in a statement. “The company did not feel that the proposed discounts were aligned with its duty to its existing shareholders,” according to Telix. Based in Melbourne, Australia, Telix announced its IPO last week with plans to put up for sale 17 million American Depository Shares and targeting an overall offering value of more than $232 million, according to its filing. The biotech was expected to trade on the Nasdaq on Friday under the ticker symbol TLX. In anticipation of its U.S. debut, Telix asked the Australian Stock Exchange (ASX) to halt trading of its stocks on Thursday. Following its IPO withdrawal, Telix expected to resume trading on the ASX on Friday. Christian Behrenbruch, Telix managing director and group CEO, said in a statement that Friday’s withdrawal “is not our desired outcome.” However, the company’s “strategic objectives must align with our duty to existing shareholders,” he said. Telix is advancing a pipeline of targeted radiation products using its core technology that combines a targeting moiety—such as an antibody or a small molecule drug—with a radioactive isotope payload. The molecules arising from this platform are meant for therapeutic or imaging applications. Telix’s lead candidate is TLX591, a radio antibody-drug conjugate (rADC) that targets the PSMA protein, allowing the investigational therapy to target prostate cancer. TLX591 is currently being studied in a Phase II/III trial. The Australian biotech is also advancing TLX250, another rADC that is being developed for metastatic kidney cancer. Proceeds from Friday’s IPO were supposed to help Telix run a Phase III study for TLX250. Despite dropping its IPO plans in the U.S., Telix contends that its performance and prospects “remain strong,” according to its announcement. Since January 2024, the company said it has hit “a number of commercially significant milestones” including positive readouts and two product approval submissions to the FDA. The company believes its balance sheet is enough to deliver on its key corporate objectives including continued growth in the U.S., particularly for its commercial team, to support the launch of certain products. Telix maintains it will also still be able to continue the clinical development of its pipeline assets. Tristan Manalac is an independent science writer based in Metro Manila, Philippines. Reach out to him on LinkedIn or email him at tristan@tristanmanalac.com or tristan.manalac@biospace.com.