Radiopharma-focused Telix heats up IPO summer market with $200M offering

Australian radiopharmaceuticals biotech Telix Pharmaceuticals is targeting a $200 million initial public offering in the U.S.

The expected Nasdaq debut consists of 17,000,000 American depository shares (ADSs), plus a 30-day option for underwriters to purchase up to 15% more ADSs sold in the offering at the initial price, according to a June 5 release. Telix anticipates the net proceeds from the IPO to be around $183 million, or $211 million if the underwriters’ option is exercised in full, according to Securities and Exchange Commission documents.

Telix is expected to operate under the ticker “TLX,” the same symbol used for the company’s listing on the Australian Securities Exchange.

The biotech is working on developing cancer and rare disease therapeutic candidates as well as diagnostic devices. Telix’s lead radio antibody-drug conjugate, dubbed TLX591, is currently being examined in a phase 2/3 global study for patients with prostate cancer.  

The IPO announcement comes two days after epilepsy biotech Rapport Therapeutics revealed plans for a $122 million IPO, one of the few and far-between signals of public market interest in recent months.