Ann: Telix Announces A$600 Million Convertible Bonds Offering, page-10

So this is, obviously, interesting.

It's clear that Telix wants the money and they want it now. In 2023 (as per the annual report) they spent ~$130m on R&D and had regularly flagged that they were going to up this by 40-50% so that annual R&D would be heading towards $200m.

That's a lot. But, seemingly, not enough.

So whether it's acquisitions or straight R&D, they want $600m and they want it now. As others have pointed out, Prostact Global is likely to be fairly expensive (~400 trial subjects) and maybe they also want to kick the CAIX based therapy stuff as quickly as possible once the Phase II results come out.

I'll have to try and work out whether the whole thing's a good deal or not. My prediction for the company was that they could double revenue (and share price) in 18 months, so 2029 looks a long long way away for a 30% share price premium. But also: if they can double revenue in 18 months they can also double R&D spending by then, but that's clearly not rapid enough for them.

The fundamental question of "what does this mean for the share price?" is also something to speculate about... my current thinking... I really don't know...

Also, I have no sense for what the high level machinations might be. Are there companies that want to buy a big slice and be given a special way of doing it? After the NASDAQ thing I'm slightly leery of the company trying to be clever in the financial space, though you'd hope with a chair from Mac Bank they're not going to do anything too foolish.