Melbourne (Australia) | 14 June 2024

Telix today announces that it has elected to withdraw its proposed initial public offering (IPO) in the United States.[1]

Given the proposed Nasdaq listing was not predicated on the need to raise capital, Telix’s management and Board of Directors have decided not to move forward with the transaction at the terms provided under current market conditions. The Company did not feel that the proposed discounts were aligned with its duty to its existing shareholders.  

Since announcing our intention to file (ITF) on the 4 January 2024 (AEDT)[2], Telix has achieved a number of commercially significant milestones, including positive therapeutic pipeline data readouts, several successful strategic acquisitions and the completion of two further product approval submissions to the U.S. Food and Drug Administration (FDA). This strong performance, augmented by excellent commercial execution in Q1 2024, has resulted in the share price increasing from AUD $9.53 at ITF to AUD $16.46 at last trading close, with recent all-time-highs at AUD $19.06. This represents a significant share price appreciation over the period.

The performance and prospects of the Company remain strong. As a profitable, cash generative company, Telix retains sufficient earnings and balance sheet capacity to deliver on its key corporate objectives, including growth in the U.S. commercial team to launch Zircaix®[3], Pixclara™[3] and TLX007-CDx, in addition to executing on current active clinical studies globally, including the ProstACT GLOBAL Phase III trial.  

Managing Director and Group CEO Dr. Christian Behrenbruch stated, “While this is not our desired outcome Telix’s strategic objectives must align with our duty to existing shareholders. I’d like to thank my team for the personal commitment and incredibly long hours put into this IPO process.”

Telix’s ordinary shares have been in trading halt since 13 June 2024 and are expected to resume trading on ASX today.

Investor conference call

An investor conference call will be hosted today, Friday 14th June 2024 at 9.30am AEST (Thursday 13th June 7.30pm ET).

Please register at the following link and dial-in details will be provided: https://s1.c-conf.com/diamondpass/10039822-om3ebv.html

To read the full ASX release click here

[1] ASX disclosure 5 June 2024.

[2] ASX disclosure 4 January 2024.

[3] Brand names subject to regulatory approval.