Amid booming interest in radiopharmaceuticals, Telix Pharmaceuticals is planning to become a publicly traded company in the US.
The biotech, based in North Melbourne, Australia, on Wednesday disclosed terms for a roughly $200 million initial public offering. Telix, which is already listed on the Australian Stock Exchange, is planning to list on the Nasdaq as $TLX.
Telix plans to offer 17 million shares at $11.87 a share, the US dollar equivalent of its last reported sale price on the Australian Stock Exchange.
Telix has two approved radioisotope diagnostics and is waiting for an FDA decision for two more. The company is also developing a suite of experimental radiotherapies, including two for prostate cancer, one for kidney cancer, and another for glioblastoma, an aggressive form of brain cancer. Its lead prostate cancer drug candidate is currently being tested in a Phase 3 trial, which is expected to report interim data in the first half of 2025.
Telix said it estimated net proceeds from the offering will be $183 million, or $211 million if underwriters exercise their full option to purchase additional shares.