Telix Pharma shares gain on Citi backing of ITM deal
Telix Pharmaceuticals shares rise as much as 6.8% to A$16.83, their biggest intraday percentage gain since September 15. The stock had fallen 11.7% on Monday after the company agreed to buy Germany-based ITM Isotope Technologies Munich SE for about $1.65 billion on a cash- and debt-free basis. Citigroup believes ITM's isotope supply business justifies an upfront equity issuance. ITM is a global supplier of non-carrier added Lutetium, used in products such as Novartis' Pluvicto.
83, their biggest intraday percentage gain since September 15. 65 billion on a cash- and debt-free basis. Citi said ITM's isotope supply business justifies an upfront equity issue, including debt. The broker added that ITM is an established global supplier of non-carrier added Lutetium, used in products such as Novartis' Pluvicto.
Citi said the deal is strategic in a market that is seeing some horizontal and vertical consolidation. 5%.