Telix shares rise after US listing, Q3 revenue boost
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More news: Shares in Telix Pharmaceuticals rose on the ASX after the biotechnology company filed to list American Depository Shares on the Nasdaq.
Telix shares were up 3.1% to $21.66 by 1:55pm AEDT, having more than doubled in value since January.
After market close on Thursday, Telix reported unaudited Q3 revenue of $201 million, an increase of 9% on the prior quarter, and 55% higher than the prior corresponding period.
The company also reaffirmed its full-year revenue guidance of $745 million to $776 million, which would represent a 48% to 54% increase on FY23.
Telix to list American Depository Shares on Nasdaq
The news: Telix Pharmaceuticals has filed with US Securities and Exchange Commission (SEC) to list American Depository Shares, representing the company's ordinary shares, on the Nasdaq.
The numbers: ASX-listed Telix, which pulled plans for a USD200 million ($300 million) raise and Nasdaq listing in June, said the proposed listing is to enable "streamlined and simplified" access to Telix shares in the US market.
The context: The Melbourne-headquartered company said it believes the move will facilitate "significant interest" in the company from US and global investors, and simplify access to Telix's shares and equity-related incentives for US domiciled employees.
Telix said it is not proposing to raise capital or issue any new shares under the listing. The company noted that its commercial and operational presence in North America is expanding through both organic growth and acquisitions, with the majority of its employees now based in the US.
Telix will retain its primary listing for its ordinary shares on the ASX "for the foreseeable future", alongside the proposed Nasdaq listing, the company said.
The commencement of trading on the Nasdaq, under the ticket symbol 'TLX', is expected to take place after the SEC and Nasdaq have completed their review process.
What they said: "Telix believes that a Nasdaq listing aligns with its strategic goals to broaden its global investor base and to attract and retain the highest calibre of talent, while increasing visibility in the most dynamic securities market for global biopharmaceutical firms," the company said in a statement.
"There can be no assurance as to the occurrence, timing and/or completion of the proposed listing," it said.
The sources: ASX announcement, ASX announcement
