TELIX Pharmaceuticals, one of Australia's largest biotechnology companies, has announced it has withdrawn its plans to raise USD $200 million (A$300 million) and list on the Nasdaq.
The company cited that the proposed discounted prices did not align with its duty to shareholders.
Six months ago, the Melbourne-based biotech, which has a market capitalisation of $5.4 billion, revealed its consideration of an initial public offering (IPO) on the Australian Stock Exchange.
Last week, Telix stated it decided not to proceed with the transaction under the current market conditions, emphasising that the intention to list on Nasdaq was not driven by a need to raise capital.
Since announcing its intent to file in early Jan, Telix has achieved several milestones, including promising therapeutic trial results and the $188 million acquisition of US-based therapeutic radiopharmaceuticals firm QSAM in May.
Additionally, three months ago, Telix acquired Canada-based radioisotope production tech firm ARTMS for $86 million.
"While this is not our desired outcome, Telix's strategic objectives must align with our duty to existing shareholders," said Managing Director and CEO Dr Christian Behrenbruch.
Founded in 2015 and with operations around the world, Telix manufactures Illuccix, a product used in the detection and diagnosis of prostate cancer, approved by the US FDA, the Australian TGA, and Health Canada. JG
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