Telix Pharmaceuticals, an Australian biopharmaceutical company focused on the development of diagnostic and therapeutic products based on targeted radiopharmaceuticals or 'molecularly-targeted radiation' (MTR), has announced the opening of its $50 million Initial Public Offering.
It is the biggest IPO by an Australian-based biotechnology company since CSL in 1994.
The IPO is an offer by Telix for the issue of 77.0 million shares at $0.65 per share and is fully underwritten by the Lead Managers, Taylor Collison Limited and Wilsons Corporate Finance Limited.
The company said its IPO has been "strongly supported" by its existing shareholders, which include both industry partners and domestic institutional investors, such as Acorn Capital, CVC, Monash Investors, Viburnum Funds, Allan Moss and Alium Capital Management.
"Fidelity International is a cornerstone investor in the IPO and will hold approximately 10% of the issued capital of the Company upon completion of the IPO," it said.
According to co-founder and CEO, Christian Behrenbruch, "With our portfolio of highly-promising clinical programs in renal, prostate and brain (glioblastoma) cancer, Telix is uniquely positioned for global leadership in the fast-growing field of MTR. We have excellent patient data underpinning our development programs, a highly experienced clinical development team and meaningful partnerships with thought leaders in the field. This financing will enable the company to reach several major development and commercial milestones over the next 24 months."
The Offer is expected to close on or around 8 November 2017 and Telix is expected to commence trading on ASX on 15 November 2017, under the ticker 'TLX'.