Telix Pharmaceuticals flags fresh plan to list on Nasdaq and global investor base

Telix Pharmaceuticals won’t raise capital as it looks to capture the attention of more global investors under fresh plans to list on the Nasdaq.

Telix Pharmaceuticals CEO Dr Christian Behrenbruch will oversee a fresh move to list on the Nasdaq in the US.

Radiopharmaceutical giant Telix Pharmaceuticals will have another tilt at listing on the tech-heavy Nasdaq to broaden its global investor base as it remains committed to remaining on the Australian Securities Exchange for the foreseeable future.

The Melbourne-based group withdrew its proposed initial public offering (IPO) in June after the proposed discounts were aligned with its duty to its existing shareholders.

Telix on Friday said it would not raise fresh capital or issue new shares to coincide with an application filed with US regulators to issue American Depository Shares.

A listing on the Nasdaq, Telix said, would allow the company to facilitate significant interest from global investors, as well as simplify access to Telix’s securities and equity-related incentives for US domiciled employees.

“Telix’s commercial and operational presence in North America is expanding through both organic growth and acquisitions,” the company said.

“With the majority of Telix’s employees now based in the US Telix believes that a Nasdaq listing aligns with its strategic goals to broaden its global investor base and to attract and retain the highest calibre of talent, while increasing visibility in the most dynamic securities market for global biopharmaceutical firms.”

The market darling for the health sector lifted a further 3 per cent on Friday to $21.63 in afternoon trade, taking total gains since the start of 2024 past 114 per cent. It has a current market capitalisation of about $7.25bn.

Telix said the company expected to retain its primary listing for its ordinary shares on the ASX for the “foreseeable future”, alongside the proposed Nasdaq listing. Each ADS will represent one fully paid ordinary share of the company.

The Nasdaq Composite has rallied 24 per cent to record highs this year following strong gains for tech-centric stocks, particularly those exposed to artificial intelligence.

Telix earlier posted a 55 per cent increase in revenue throughout the September quarter to $US135m ($201m) from higher sales of its prostate cancer imaging product Illuccix in the US.

Total revenue generated for the year to date was $US374m as it reaffirmed revenue guidance of $US490m-$US510m for the 2024 financial year.

Guidance for full-year 2024 R&D expenditure remains at an expected 40-50 per cent increase from 2023, which Telix said would be funded by earnings from product sales.

UBS analyst Laura Sutcliffe said third-quarter revenue was in line with expectations, adding that consensus expectations were for a similar growth rate in the final quarter as the September period.

“The third quarter tends to be the lowest-growth quarter for products like Illuccix on a volume basis so if anything we think fiscal year 2024 estimates are probably a little too low, although we do not expect the shares to move much,” she said.

Last month, Telix struck a deal worth up to $US250m to acquire RLS Radiopharmacies from its partner company, RLS Group. The acquisition expands Telix’s North American manufacturing footprint and establishes the basis of its new radiometal production network.