Full Press Release Details
Melbourne (Australia) | 23 July 2024
Telix today launches an offering of A$600 million of convertible notes due 2029 (the Offering). The convertible notes, also referred to as “convertible bonds” (Convertible Bonds), are convertible into fully paid ordinary shares in Telix (Ordinary Shares).
Managing Director and Group CEO Dr. Christian Behrenbruch said: “Telix’s strong commercial performance and cash-generative business have enabled us to successfully execute on an organic and inorganic growth strategy, including funding the development of our clinical pipeline. The announced Offering will provide additional financial flexibility to execute on our strategic priorities and capitalise on future opportunities in the rapidly growing radiopharmaceuticals market.”
The Convertible Bonds represent attractive, low-cost financing to Telix and are non-dilutive until any potential future conversions occur. The initial conversion price will be at a premium to Telix’s current share price.
The net proceeds, after transaction costs, are intended to provide funding to bring forward proposed investment in order to accelerate key clinical development programs across the Company’s theranostic portfolio. This includes label-expansion studies to broaden the market opportunity across Telix’s portfolio of diagnostic imaging agents and funding the pivotal trials for kidney and brain cancer therapy programs.
In addition, the funding will provide financial flexibility for Telix to explore opportunities and potentially pursue strategically significant M&A transactions and continued investment in global supply chain and manufacturing capabilities.
Convertible Bonds Offering
The Offering is subject to change and to completion of pricing and settlement. Telix will provide further updates as required.
Adviser
J.P. Morgan Securities plc is Sole Manager (Manager) on the Offering.
Key terms of the Convertible Bonds