In today’s briefing:
- Telix Pharmaceutical US ADS – Past Deal Record Hasn’t Been Strong, but Fortune Could Be Turning
- Another “fully funded” capital raise?
- Qantm Intellectual Property – Revised guidance to incorporate scheme costs
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Telix Pharmaceutical US ADS – Past Deal Record Hasn’t Been Strong, but Fortune Could Be Turning
- 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.
Another “fully funded” capital raise?
- 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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Qantm Intellectual Property – Revised guidance to incorporate scheme costs
- 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.