I'd make two comments: Firstly, I think TLX will stick solidly...

I'd make two comments:

Firstly, I think TLX will stick solidly to their core interest of theranostics. I would imagine that anything they do with immunotherapy will be done as a combined therapy and collaboration, such as the STARSTRUCK trial with Merck.

Secondly, (I've discussed this before) I think it's interesting to look at TLX's portfolio and try and work out where the potential critical path issues are. For example, for the number of patients they want for ProstACT, how quickly can they run that? How many sites do they need? How much can they parallelise that?

I would guess that, given the range of things they're doing, there's reasonable scope for TLX to speed things up by throwing money at everything to parallelise all the trials, rather than having to pick winners and take their time. TLX is currently spending AUS150-200m years on R&D so this raise gives them 3-4 years up front- plus they still have the capability to add 200m/yr to the research coffers.

So while it's entire;y believable that they'll be looking at an acquisition, I could also believe that they'd just spend it all on their current programme.