Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the September 2024 index rebal event.</li>
<li>In July 2024, a couple of important Australian M&amp;A deals could close and one of them could trigger intra-review additions for ASX 100 and ASX 200.</li>
<li>Separately, we see one ASX 100 change and one ASX 200 change during the September 2024 rebalance. For ASX 300, there could be 13 ADDs and 6 DELs.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the September 2024 index rebal event.
In July 2024, a couple of important Australian M&amp;A deals could close and one of them could trigger intra-review additions for ASX 100 and ASX 200.
Separately, we see one ASX 100 change and one ASX 200 change during the September 2024 rebalance. For ASX 300, there could be 13 ADDs and 6 DELs.


Quiddity Leaderboard ASX Sep 24 Rebal: Altium to Trigger Two Intra-Review Replacements in July

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Telix Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> has withdrawn its proposed IPO in the U.S. due to unfavorable market condition. The proposed Nasdaq listing was not predicated on the need to raise capital.</li>
<li>As a profitable, cash generative company, Telix is confident that its existing and upcoming cash resources will be sufficient to meet R&amp;D and commercialization needs.</li>
<li>Following the successful commercial launch of Illuccix, Telix has demonstrated its ability to develop and commercialize innovative product portfolio, which should accelerate its growth trajectory.</li>
</ul>



Telix Pharmaceuticals (TLX AU) has withdrawn its proposed IPO in the U.S. due to unfavorable market condition. The proposed Nasdaq listing was not predicated on the need to raise capital.
As a profitable, cash generative company, Telix is confident that its existing and upcoming cash resources will be sufficient to meet R&amp;D and commercialization needs.
Following the successful commercial launch of Illuccix, Telix has demonstrated its ability to develop and commercialize innovative product portfolio, which should accelerate its growth trajectory.


Telix Pharmaceuticals (TLX AU): Nasdaq IPO Plan Dropped; Future Growth Prospect Remains Intact

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> is looking to raise around US$190m in its US ADS listing. The bookrunners on the deal are Jefferies, Morgan Stanley, Truist Securities, and William Blair.</li>
<li>TLX is a commercial-stage biopharmaceutical company focused on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals.</li>
<li>In this note, we talk about the updates since our last note and current deal dynamics.</li>
</ul>



Telix Pharmaceuticals (TLX AU) is looking to raise around US$190m in its US ADS listing. The bookrunners on the deal are Jefferies, Morgan Stanley, Truist Securities, and William Blair.
TLX is a commercial-stage biopharmaceutical company focused on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals.
In this note, we talk about the updates since our last note and current deal dynamics.


Telix Pharmaceutical US ADS - Momentum Remains Strong, Offering Would Triple Its Cash Base

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> aims to raise at least US$100m in its US ADS listing. The bookrunners on the deal are Jefferies, Morgan Stanley, Truist Securities, and William Blair.</li>
<li>TLX is a commercial-stage biopharmaceutical company focused on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals. </li>
<li>In this note, we talk about the deal dynamics and the listing impact.</li>
</ul>



Telix Pharmaceuticals (TLX AU) aims to raise at least US$100m in its US ADS listing. The bookrunners on the deal are Jefferies, Morgan Stanley, Truist Securities, and William Blair.
TLX is a commercial-stage biopharmaceutical company focused on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals. 
In this note, we talk about the deal dynamics and the listing impact.


Telix Pharmaceutical US ADS - Past Deal Record Hasn't Been Strong, but Fortune Could Be Turning

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> reported 18% QoQ revenue growth in 1Q24. The U.S. revenue growth accelerated to 18% QoQ in 1Q24, compared to 11% in 4Q23 and 13% in 3Q23.</li>
<li>Telix reaffirmed guidance and expects 2024 revenue of $445–465M, representing 35–40% YoY increase. The current quarterly U.S. revenue run-rate of Illuccix matches the lower end of the guidance.</li>
<li>Telix is on track to launch three products in U.S. this year. Two of them have an estimated initial market opportunity of $600–640M, with upside potential from indication expansions.</li>
</ul>



Telix Pharmaceuticals (TLX AU) reported 18% QoQ revenue growth in 1Q24. The U.S. revenue growth accelerated to 18% QoQ in 1Q24, compared to 11% in 4Q23 and 13% in 3Q23.
Telix reaffirmed guidance and expects 2024 revenue of $445–465M, representing 35–40% YoY increase. The current quarterly U.S. revenue run-rate of Illuccix matches the lower end of the guidance.
Telix is on track to launch three products in U.S. this year. Two of them have an estimated initial market opportunity of $600–640M, with upside potential from indication expansions.


Telix Pharmaceuticals (TLX AU): Accelerated US Growth in 1Q24; Two More US Launches Likely in 2024

Australia

PolyNovo Limited is a biotechnology company. The Company has a portfolio of biodegradeable polymers that have potential for application across numerous medical fields.

Mesoblast Limited provides biomedical services. The Company develops drugs for cardiovascular diseases, oncology, hematology, and spine orthopedic disorders treatment. Mesoblast conducts its business worldwide.

Clinuvel Pharmaceuticals Limited is an Australian biopharmaceutical company. The company focused on developing dermatology pharmaceutical products for a range of UV-related skin disorders. Clinuvel's work aims at preventing the symptoms of diseases related to harmful UV radiation.

Opthea Limited is a biologics drug developer for ophthalmic diseases. The Company develops therapies for diabetic macular edema, corneal neovascularization and transplantation, and dry eye disease. Opthea serves patients and healthcare providers in Australia.

Monash IVF Group Ltd. is a fertility research and treatment center. The Company researches and develops reproduction supportive medications.

Imugene Limited is a health biotechnology development company.  The Company manufactures vaccines for gastric and breast cancer treatments. Imugene operates in Europe and Australia.

Avita Medical Limited is a biotechnology company which develops and distributes tissue-engineered cellular products for skin replacement. The Company's products include CellSpray and ReCell, which are used for the treatment of burns and other skin injuries, previous scarring, chronic wounds and cosmetic procedures.

Immutep Limited operates as a biotechnology company. The Company focuses on developing novel immunotherapy treatments for cancer and autoimmune disease. Immutep offers its services worldwide.

Race Oncology Limited operates as a specialty pharmaceutical company. The Company focuses on rediscovering and bringing to market the cancer chemotherapy agent, Bisantrene.

Dimerix Limited operates as a biotechnology company. The Company focuses on developing and marketing drug therapies, as well as provides clinical trials for treating patients with chronic kidney diseases. Dimerix serves patients in Australia.

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

TG Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the acquisition, development and commercialization of innovative pharmaceutical products for the treatment of cancer and other underserved therapeutic needs. Currently, the company is developing two therapies targeting hematological malignancies, specifically, relapsed and refractory non-Hodgkins lymphoma.

Arrowhead Pharmaceuticals, Inc. operates as a biotechnology company. The Company develops medicines that treat intractable diseases by silencing the genes. Arrowhead Pharmaceuticals offers its services in the United States.

Hualan Biological Engineering Inc. produces and markets human serum albumin (HSA), gamma globulin, frozen prothrombin (PCC), and other related biological products.

Hualan Biological Engineering (002007 CH)

Alkermes PLC researches pharmaceuticals.  The Company develops treatments for central nervous system disorders such as addiction, schizophrenia and depression; and diabetes.

Alpine Immune Sciences, Inc. (AIS) focuses on developing novel protein-based cancer immunotherapies using its proprietary variant ig domain (vIgD) platform technology. The Company develops TIP technology, based on the vIgD platform, to enhance engineered cellular therapies. AIS offers a platform to interact with multiple targets, including many present in the immune synapse.

Mirati Therapeutics, Inc. is a targeted oncology company developing a pipeline of therapeutics for precisely defined patient populations. The Mirati team is using a blueprint proven by their prior work for developing potential breakthrough therapies with accelerated development paths.

ImmunityBio, Inc. operates as a biotechnology company. The Company focuses on developing cell and immunotherapy products for the treatment of cancers, infectious, and inflammatory diseases. ImmunityBio serves customers in the United States.

Ultragenyx Pharmaceutical Inc. provides biotechnology services. The Company develops therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases. Ultragenyx Pharmaceutical conducts its business in the United States.

Dyne Therapeutics, Inc. operates as a biotechnology company. The Company focuses on transforming the lives of people with serious diseases by developing muscle-targeted therapies. Dyne Therapeutics offers its services in the United States.

Telix Pharmaceuticals Limited operates as a biotechnology company. The Company develops and commercializes molecularly-targeted radiation therapy for the treatment of prostate, renal, and brain cancer. Telix Pharmaceuticals serves patients worldwide.

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Telix Pharmaceuticals (TLX AU)

Quiddity Leaderboard ASX Sep 24 Rebal: Altium to Trigger Two Intra-Review Replacements in July

The LONGs (intra-review ADD candidates TLX, SFR, ZIP, & CDA) have now outperformed the SHORT (ASX 200) by +4.8% since the beginning of July. Based...

Janaghan Jeyakumar, CFA