Telix's decision to withdraw from proposed U.S. listing

Telix Pharmaceuticals Limited (ASX: $TLX) has announced its decision to withdraw its proposed initial public offering (IPO) in the United States. The company cited that the proposed Nasdaq listing was not predicated on the need to raise capital, and the terms provided under current market conditions did not align with its duty to its existing shareholders. Telix's ordinary shares, which have been in trading halt since 13 June 2024, are expected to resume trading on ASX today.

Executive commentary on the decision

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.'

Summary of Telix's current position and outlook

Telix Pharmaceuticals Limited (ASX: $TLX) has decided to withdraw its proposed IPO in the United States due to the terms not aligning with its duty to existing shareholders. The company's strong performance and prospects, including positive therapeutic pipeline data readouts and successful strategic acquisitions, have resulted in a significant share price appreciation. Telix remains a profitable, cash generative company with sufficient earnings and balance sheet capacity to deliver on its key corporate objectives. The company aims to continue its growth in the U.S. commercial team and execute on current active clinical studies globally, including the ProstACT GLOBAL Phase III trial. Telix's ordinary shares are expected to resume trading on ASX today. The company's lead imaging product, gallium-68 (68Ga) gozetotide injection, has been approved by the U.S. Food and Drug Administration, the Australian Therapeutic Goods Administration, and Health Canada. Telix continues to focus on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals and associated medical devices to address significant unmet medical needs in oncology and rare diseases.