Telix Pharmaceuticals is looking to cash in on radiopharmaceuticals, which have emerged as one of the hottest spaces in oncology, with an initial public offering to help support its pipeline of targeted radiation products.
Radiopharma-focused Telix Pharmaceuticals announced Wednesday that it is looking to raise around $200 million in gross proceeds in a U.S. initial public offering by putting up for sale 17 million American Depositary Shares, corresponding to 17 million ordinary shares of the company.
The Australian based biotech could also bring in more money from a 30-day option during which underwriters can purchase up to 15% of the number of shares sold in the initial public offering (IPO).
Telix’s SEC filing did not specify how much it was offering its shares for or what its total expected raise is. However, the biotech’s filing fee schedule indicates that the company is looking to make more than $232 million. Once the IPO is closed, Telix will trade on the Nasdaq Global Market under the ticker symbol TLX.
The joint book-running managers for Telix’s IPO are Jefferies, Morgan Stanley, William Blair and Truist Securities.
Headquartered in Melbourne, Australia, Telix is a commercial-stage biopharma that focuses on the development of targeted radiation products. Its core technology involves the use of a targeting moiety, such as an antibody or a small molecule drug, bound to a radioactive isotope payload. The resulting molecules can be used as therapeutic agents or for imaging purposes.
According to its SEC filing, Telix will use the bulk of the IPO proceeds to support the development of its most promising pipeline candidates including TLX250, an investigational radio-antibody-drug conjugate (rADC) that is currently in a Phase II study for advanced, metastatic kidney cancer. The IPO funds will help Telix run a pivotal Phase III study for TLX250.
Telix will also channel some of the money raised to TLX101, a therapeutic candidate for glioblastoma. The candidate is currently in Phase II, which the company expects to leverage into a conditional approval or into quick progression into Phase III.
The IPO raise will also help Telix advance its earlier-stage and preclinical products, the company said in its SEC filing.
Radiopharmaceuticals have emerged as one of the hottest spaces in oncology, which Telix is looking to cash in on with its IPO.
However, while opening the year with a frenzy, biotech’s IPO market has cooled down in recent months. CG Oncology started the rally in late January with a $380 million upsized offering, and was quickly followed by several other young biopharmas, including Kyverna Therapeutics, ArriVent Biopharma, Alto Neuroscience and Metagenomi.
However, the IPO stream has recently slowed down to a trickle. The latest company to launch its Nasdaq bid is Rapport Therapeutics, which submitted its filing last month without disclosing the number of shares it would put up for sale or its target price range.
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.
