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EQS-News News vom 21.08.2018

Edison Investment Research Limited: Edison issues initiation on Telix Pharmaceuticals (TLX)

Edison Investment Research Limited

21-Aug-2018 / 13:24 GMT/BST


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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www.edisoninvestmentresearch.com

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Dennis Hulme, +61 (0)2 8249 8345
John Savin, +44 (0)20 3077 5735
healthcare@edisongroup.com

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