Radiopharm developer Telix abandons IPO plans in US
14 Jun 2024
Phase 3AcquisitionIPO
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 profitable
Telix 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.
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