London, UK, 21 August 2018
Edison issues initiation on Telix Pharmaceuticals (TLX)
Telix has assembled a portfolio of promising molecularly targeted radiation (MTR) therapeutic and imaging products for three different cancers. Each product has been validated by clinical studies or compassionate use in patients, thus reducing development risk. Telix is positioned to add significant value, such as by refining the products or developing them as a combination therapy. Preparations for a confirmatory Phase III study for kidney cancer imaging agent TLX250-CDx and for multiple Phase I/II studies of other agents are underway. It has begun commercialisation of an investigational prostate cancer imaging kit in the US, and plans are being developed for a short pivotal study to allow full approval. Our initial valuation is A$303m or A$1.39 per share.
We value Telix at A$303m or A$1.39/share based on an rNPV using a 12.5% discount rate and assuming Telix acquires Atlab for 20.5m shares (US$10m) in Q318. We include milestones and royalties for TLX250, and TLX591, plus profits from commercialisation of TLX250-CDx, TLX591-CDx and TLX101.
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