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Telix Pharmaceuticals (ASX:TLX) share price falls after abandoning US listing

The Telix Pharmaceuticals Ltd (ASX: TLX) share price is down after shelving its plans to list in the United States.

The Telix Pharmaceuticals Ltd (ASX: TLX) share price is down after shelving its plan to list in the US.

Telix is a biopharmaceutical company focused on the development and commercialisation of therapeutic and diagnostic radiopharmaceuticals and associated medical devices. It’s headquartered in Melbourne with international operations in the US, Europe and Japan.

Telix withdraws from US listing

The ASX biotech share has decided to withdraw its initial public offering (IPO) in the US.

The company decided the proposed discounts for prospective investors in the US were not aligned with its duty to existing shareholders.

Telix’s NASDAQ listing was not relying on the need to raise capital, so Telix’s management and board of directors decided not to go ahead with the transaction.

Since announcing its intention to file on 4 January 2024, Telix has achieved what it called “a number of commercially significant milestones”.

Those milestones include: positive therapeutic pipeline data readouts, several successful strategic acquisitions and the completion of two further product approval submissions to the US FDA.

Telix noted its strong performance, helped by “excellent commercial execution” in the 2024 first quarter, has resulted in the Telix share price increasing from $9.53 to $16.46, with a recent all-time high of $19.06. The company said that’s a large increase in the share price this year.

Can the Telix share price keep rising?

Management believe the performance and prospects of the company “remain strong” as a profitable, cash generative company. It retains “sufficient earnings and balance sheet capacity to deliver on its key corporate objectives”.

One focus includes growth in the US commercial team to launch Zircaix, Pixclara and TLX007-CDx, as well as carrying out the current active clinical studies globally, including the ProstACT Global Phase III trial.

Management commentary

The Telix Managing Director and CEO Dr Christian Behrenbruch said:

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.

Final thoughts on the Telix share price

Telix is not a business I closely follow, but it’s understandable why the company isn’t following through on its listing if its share price were to be lower in the US. It seems to have plenty of support on the ASX.

It’s not one of the ASX growth shares I’m planning to buy, but it’s good to see an Australian business growing well.

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