Telix shares rise on launch of US IPO
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More news: Shares in Telix Pharmaceuticals are up more than 3% to $18.42 in early trading on the ASX after the biopharma company announced it had launched an initial public offering on the Nasdaq.
Telix is offering 17 million American depositary shares to raise US$200 million ($300 million). It will use proceeds to build its manufacturing and supply chain capabilities.
Telix Pharmaceuticals launches $300 million US IPO
The news: Telix Pharmaceuticals has launched an initial public offering (IPO) of American depositary shares (ADS) on the Nasdaq as it looks to build up its manufacturing and supply chain capabilities.
The numbers: Telix said it will offer 17 million ADS to raise up to USD200 million ($300 million) with the exact data and pricing of the issue to be determined at a later date.
Shares in the biopharma company, which listed on the ASX in 2017, last traded at $17.89, giving it a market value of $5.98 billion.
The context: Telix said proceeds would be used to advance clinical development of therapeutic product candidates, expand its Illuccix label, and build out of its global supply chain and manufacturing capabilities.
Telix, which focuses on cancer treatment, has been on an expansionary path over the last year and has made several acquisitions including US radio pharmaceuticals developer QSAM Biosciences, Canadian-based radioisotope production technology firm ARTMS, and US-based IsoTherapeutics Group.
The source: ASX announcement
