no longer "obviously a number of years away" ?
“From avaluation perspective the biggest thing in their locker is their prostatecancer therapy drug, TLX 591. That’s just at the start of Phase 3 trials, soit’s obviously a number of years away,” said Mr Hamilton. “But it still hasglobal leadership in an emerging field, so it’s not a one trick pony. It has adeep pipeline, and we think other products coming behind look good.”
Fund managers back market darling TelixPharmaceuticals
Tom RichardsonJournalist
Aug 4, 2022 – 3.38pm
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Shares inTelix Pharmaceuticals have surged more than tenfold in five years as a recordJune quarter of sales supports phenomenal investor interest in the cancerdiagnostic and treatment business.
Telix usesradio pharmaceuticals to travel through the blood to deliver radiation directlyto tumours and posted $22.5 million in sales in the June quarter, afterreceiving approval to sell its Illuccix treatment from the US Food and DrugAdministration last December.
TelixPharmaceuticals boss Christian Behrenbruch is heavily backed by small-cap fundmanagers. Elke Meitzel
“It’scalled molecularly targeted radiation, so you’re actually delivering radiationto the tumour rather than to the whole body, or a part of the body,” saidAndrew Hamilton a portfolio manager and healthcare analyst at the AntaresCapital Broadcap Australian Equities Fund.
Antares isamong Australian equities managers such as Platinum Asset Management, PerennialPartners, Fidelity, Acorn Capital, and Wilson Asset Management that own Telixshares.
Sell-sidestockbrokers including Jefferies, Wilsons, Taylor Collison and Bell Potter allrate the stock as a buy, with valuations between $8.50 and $10.70.
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Wilsonsestimated Telix sold 3000 doses of Illuccix in April-June and forecast totalsales could reach $174.3 million in the year ending in June 2023.
The brokerexpects Telix to make a $32.8 million loss in financial 2023 before posting amaiden profit of $7.7 million in fiscal 2024 on sales that are projected torocket to $262.6 million.
“We stillthink shares have further upside,” said Mr Hamilton. “I think that first [June]quarter of commercial sales in Illuccix show it’s a great product. It enteredthe market and got very good awareness of PSMA (prostate-specific membraneantigen) imaging.
“They’vedone a great job on execution, manufacturing, logistics, awareness and thecommercial pipeline. For it to all work is a fantastic effort, we expect saleswill accelerate.”
Telix’sIlluccix product has two core applications. One to detect and identify allprostate cancers in high-risk men before surgery and a second application todetect prostate specific antigens (PSAs) in men who had surgery for prostatecancer, but are at risk of its return.
BiancaOgden, a healthcare analyst and portfolio manager at Platinum Asset Management,said the asset manager had held Telix shares since its initial public offer at65¢ per share in October 2017.
“We’vealways been fans of using imaging as a diagnostic,” Dr Ogden said. “Becauseit’s the easiest way to visualise something. We liked the idea when Telixstarted out to do this properly and consolidate the industry. And we’ve alwaysinvested in the targeted radiotherapy industry as a whole.”
PlatinumAsset Management fund manager Bianca Ogden trained as a virologist. LouieDouvis
In November in Australia,Illuccix became the first prostate-specific radioactive imaging agent to gaincommercial approval from the Therapeutic Goods Administration (TGA),
Telix hasanother treatment for prostate cancer, alongside treatments for brain cancerand renal cancer in its clinical trial pipeline at Phase 2 or 3 stages.
“From avaluation perspective the biggest thing in their locker is their prostatecancer therapy drug, TLX 591. That’s just at the start of Phase 3 trials, soit’s obviously a number of years away,” said Mr Hamilton. “But it still hasglobal leadership in an emerging field, so it’s not a one trick pony. It has adeep pipeline, and we think other products coming behind look good.”
Sharestraded up 4 per cent to $7.72 on Thursday for an undiluted market value of$2.41 billion.
Andrew Clifford’s Post
Andrew Clifford
Co-Founder, Co-Chief Investment Officer atPlatinum Asset Management
1y
Great to see Bianca Ogden (Portfolio Manager of our Platinum International Health Sciences Fund) talking to the AFR about Telix, the flow of capital into radiopharmaceuticals and why offshore funding is so important. Bianca has been talking to Telix for a long time – that kind of long-term engagement with management is a key part of what she does. #biotech#biopharmaceuticals#radiopharmaceuticalshttps://lnkd.in/gv_RD87e
Why $3b Aussie darling Telix needs to grow wings
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Bianca Ogden
Fund Manager at Platinum Asset ManagementLimited
1y
There is a lot happening in this space. Two decades ago two radioligandtherapies were approved for the treatment of lymphoma. We were investors inCorixa, the biotech behind one of them. Things have progressed immensely sincethen. Today capital is being deployed in the space at a rapid pace,opening opportunities for us as investors but more importantly providing growthoptions for companies like Telix Pharmaceuticals Limited. Chris Behrenbruchand myself have had lively debates about the field and the next chapter for thecompany. They are onto it! Stay tuned for our next Platinum quarterlyreport with more on biotech and radiotherapeutics!
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