Daily Brief Australia: Telix Pharmaceuticals, Adriatic Metals PLC, Qantm Intellectual Property and more

• 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.

• Adriatic is raising an additional $50 million in capital through a discounted offering
• Orion is selling down half of their equity position in the raise, with plans to trim further after 90 days
• Queens Road Capital converted their $20 million convertible debt into equity ahead of schedule in March

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• RaaS has published an update report on IP services group QANTM Intellectual Property (ASX:QIP) following its update on earnings guidance, incorporating the impact of transaction costs on reported EPS in FY24.
• QIP said that as a result of transaction costs it expects to incur up to 30 June in relation to the Scheme of Arrangement with Adamantem Capital, FY24 EPS is now expected to be from $0.075 to $0.08/share.
• The company also provided a new underlying EBITDA range of $33.0m to $33.5m, noting there has been no material change to underlying trading conditions.