Not lengthy after pulling a last-minute plug on a $232m preliminary public providing (IPO) on Nasdaq, Telix Prescription drugs has raised $398m (A$600m) by way of the problem of convertible bonds.
The bonds, that are convertible into odd shares, will yield a 2% – 2.75% curiosity, the radiopharmaceutical specialist stated in a 23 July press launch. The maturity date is about for 5 years from now, on the finish of July 2029.
Australia-based Telix stated it intends to record the convertible bonds on the Official Listing of Singapore Change Securities Buying and selling Restricted (SGX-ST).
Whereas Telix had been planning on going public on Nasdaq earlier this 12 months, the firm U-turned on the IPO citing market circumstances on the time. Telix had been on the right track to lift $232m within the itemizing, although the corporate maintained that the choice was not “predicated on the necessity to increase capital”.
As a substitute, the convertible bonds deliver low-cost financing to the corporate which is non-dilutive till future conversions. The preliminary conversion value will probably be set at a 30% –35% premium to Telix’s present share value on the Australian Securities Change, the place it’s presently listed.
Telix stated the funds will probably be used to conduct label enlargement research for diagnostic imaging brokers, in addition to pivotal trials for kidney and mind most cancers remedy programmes.
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Telix inched nearer to a marketed kidney asset after it submitted a biologics license utility (BLA) to the US Meals and Drug Administration (FDA) for a radio-diagnostic PET1 agent, TLX250-CDx (89Zr-DFO-girentuximab) in early June this 12 months. A lutetium-based therapeutic candidate can also be presently in a Part II trial.
TLX101 and TLX101-CDx make up the corporate’s mind most cancers pipeline. TLX101 is presently in Part I (NCT05450744) and Part II trials whereas a brand new drug utility is being ready for TLX101-CDx. The latter has been awarded quick monitor designation from the FDA as there are presently no focused PET imaging brokers for gliomas which have been authorized.
Telix additionally has property in prostate most cancers, gentle tissue sarcoma, and bone marrow conditioning.
Telix group CEO Dr Christian Behrenbruch stated: “The introduced providing will present extra monetary flexibility to execute on our strategic priorities and capitalise on future alternatives within the quickly rising radiopharmaceuticals market.”
The sector is changing into extra crowded because the radiopharmaceutical modality yields growing therapeutic promise. Eli Lilly has made no secret of its push into the area, buying radiopharmaceutical specialist POINT Biopharma in a $1.4bn deal in October 2023. The drugmaker then linked up with Radionetics Oncology in a $140m deal earlier this month, which included an unique possibility to purchase the associate for $1bn.
Bristol Myers Squibb and Novartis have additionally carried out their very own radiopharma acquisitions for $4.2bn and $1.75bn respectively up to now 12 months.
