Telix Pharmaceuticals shares dip as it looks to US IPO
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The news: Telix Pharmaceuticals shares dipped at market open on the ASX, after the biotech company filed paperwork with the US Securities and Exchange Commission for an initial public offering on the Nasdaq.
The numbers: Telix shares lowered 1.15% to $14.63 by 10:49am AEST.
On Friday, Telix reported revenue of $175 million for the March quarter, up 75% compared to the prior corresponding quarter. Gross profit lifted 84% to $115.4 million quarter on quarter, while operating profit rose to $28.5 million from an operating loss of $5.6 million.
Over the last 12 months Telix shares have surged 28.31%.
The context: Telix said the number of American depository shares (ADS) to be offered and the price per ADS for the proposed offering had not yet been determined.
It also noted that the IPO remained subject to market conditions, with no guarantee as to whether or when the offering may be completed.
Jefferies, Morgan Stanley, Truist Securities and William Blaire will act as joint book-running managers for the proposed offering.
Shares in the Melbourne-based company surged last month after an 18% increase in US revenue drove earnings for the March quarter.
The sources: ASX announcement, ASX announcement
