Telix (NASDAQ: TLX) plans US$550M convert to refinance 2029 bonds
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Telix Pharmaceuticals is launching an offering of US$550 million convertible notes due 2031 through a wholly owned subsidiary, guaranteed by Telix entities, to refinance its existing 2029 convertible bonds and fund general corporate purposes. The notes carry an expected coupon of 1.50–1.75% and a 35–37.5% conversion premium, with a 5‑year maturity and an investor put after year three.
The company also highlights strong recent performance, with 2025 group revenue of US$804 million, up 56% year over year, including US$622 million from Precision Medicine and US$40 million EBITDA. Q1 2026 revenue reached US$230 million, up 11% sequentially, and 2026 revenue guidance is US$950–970 million. Telix outlines a late‑stage radiopharma pipeline, near‑term regulatory milestones and a new collaboration with Regeneron that includes US$40 million upfront and up to US$2.1 billion in potential milestones.
Positive
- Rapid top-line growth and profitability: 2025 group revenue reached US$804 million, up 56% year over year, with US$40 million EBITDA and an 11% sequential revenue increase to US$230 million in Q1 2026, indicating strong commercial traction.
- Strategic, low-cost refinancing: The planned US$550 million convertible notes due 2031, with a 1.50–1.75% coupon and significant conversion premium, are intended mainly to refinance existing 2029 convertible bonds, potentially strengthening the capital structure.
- High-value pipeline and partnerships: Multiple late-stage radiopharma assets in prostate, kidney and brain cancers, combined with a Regeneron collaboration featuring US$40 million upfront and up to US$2.1 billion in milestones, support long-term growth potential.
Negative
- None.
Insights
Telix pairs low-cost convertible refinancing with rapid revenue growth and a deep radiopharma pipeline.
Telix plans US$550 million in convertible notes due 2031 at a 1.50–1.75% coupon and 35–37.5% conversion premium. Proceeds are intended mainly to repurchase existing 2029 convertible bonds, extending maturities while using relatively inexpensive capital.
Operationally, the company reported US$804 million group revenue in 2025, up 56% year over year, with Precision Medicine at US$622 million and EBITDA of US$40 million. Q1 2026 revenue was US$230 million, up 11% sequentially, and guidance calls for US$950–970 million revenue and US$200–240 million R&D investment.
The late-stage pipeline spans prostate, kidney and brain cancers with multiple phase 3 and pivotal studies underway, and a Regeneron collaboration adds US$40 million upfront plus up to US$2.1 billion in milestones and low double-digit royalties. Future disclosures on trial readouts, regulatory decisions such as the Pixclara PDUFA date on September 11, 2026, and execution of the refinancing will shape how effectively Telix converts this platform into sustained profitability.
Key Figures
Convertible notes size: US$550 million
Convertible coupon: 1.50–1.75%
Conversion premium: 35.0–37.5%
+7 more
10 metrics
Convertible notes size
US$550 million
New convertible notes due 2031 to refinance 2029 bonds
Convertible coupon
1.50–1.75%
Indicative annual coupon on new convertible notes
Conversion premium
35.0–37.5%
Premium over reference share price for conversion
2025 group revenue
US$804 million
Full-year 2025 revenue, up 56% year over year
2025 Precision Medicine revenue
US$622 million
Segment revenue in 2025, up 22% year over year
2025 EBITDA
US$40 million
Group EBITDA for 2025
Q1 2026 revenue
US$230 million
First quarter 2026 group revenue, up 11% quarter over quarter
2026 revenue guidance
US$950–970 million
Full-year 2026 group revenue guidance range
Regeneron upfront payment
US$40 million
Upfront cash from strategic collaboration with Regeneron
Regeneron milestone potential
Up to US$2.1 billion
Potential development and commercial milestone payments
Key Terms
convertible notes, reverse bookbuilding process, Delta Placement, Regulation S, +2 more
6 terms
convertible notes financial
"launches an offering of US$550 million convertible notes due 2031"
Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.
reverse bookbuilding process financial
"conducting a reverse bookbuilding process to receive indications of interest"
Delta Placement financial
"The clearing price of the Delta Placement will be used as the reference share price"
Regulation S regulatory
"offered and sold solely outside the United States in an “offshore transaction” as defined in, and in reliance on Regulation S"
Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.
PDUFA goal date regulatory
"Pixclara PDUFA goal date of September 11, 2026"
The PDUFA goal date is the target deadline set by the U.S. Food and Drug Administration for completing its review of a new drug or biologic application. Investors watch it like a court date for a product: the outcome (approval, rejection, or request for more information) can sharply change a company’s revenue prospects and stock price, and the date gives a predictable event around which markets and planning can focus.
orphan drug designation regulatory
"ODD in U.S. and Europe"
Orphan drug designation is a special status given to medicines developed to treat rare diseases affecting only a small number of people. This status often provides benefits like faster approval processes and financial incentives, making it more attractive for companies to develop these drugs. For investors, it signals potential for exclusive market rights and reduced competition, which can impact the drug’s profitability.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2026
Commission File Number: 001-42128
Telix Pharmaceuticals Limited
(Translation of registrant’s name into English)
55 Flemington Road
North Melbourne, Victoria 3051, Australia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
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Form 20-F ☒
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Form 40-F ☐
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT
On April 14, 2026 (Melbourne, Australia), Telix Pharmaceuticals Limited (the “Company”) filed announcements with the Australian Securities Exchange titled “Telix Refinances
Convertible Bonds,” a copy of which is attached to this Form 6-K as Exhibit 99.1 and “Investor Presentation,” a copy of which is attached to this Form 6-K as Exhibit 99.2.
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99.1
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Press release – April 14, 2026
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Presentation – April 14, 2026 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Telix Pharmaceuticals Limited
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Date: April 14, 2026
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By:
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/s/ Christian Krautkramer
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Name: Christian Krautkramer
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Title: Group General Counsel
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Exhibit 99.1
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Telix Pharmaceuticals Limited
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ACN 616 620 369
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55 Flemington Road
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North Melbourne
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Victoria, 3051
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Australia
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ASX ANNOUNCEMENT
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Telix Refinances Convertible Bonds
Melbourne (Australia) and Indianapolis, IN (U.S.) – April 14, 2026. Telix Pharmaceuticals Limited (ASX: TLX, NASDAQ: TLX) (“Telix”)
today launches an offering of US$550 million convertible notes due 2031 to be issued by its wholly-owned subsidiary, Telix Pharmaceuticals (Investments) Inc. (the “Issuer”), and guaranteed by Telix and Telix
Pharmaceuticals (US) Inc. (the “Offering”). The convertible notes, also referred to as “convertible bonds” (“Convertible Bonds”), are convertible into fully paid
ordinary shares in Telix (“Ordinary Shares”).
Managing Director and Group CEO, Dr. Christian Behrenbruch, said: “The refinance of the existing Convertible Bonds represents our proactive approach to capital management. The new Convertible Bonds will continue to
provide the business with cost effective financing.”
The new Convertible Bonds represent attractive, low-cost financing to Telix and are non-dilutive until any potential future conversions occur. The initial conversion price will be at a premium to Telix’s current
share price.
After deduction of commissions, professional fees and other administrative expenses, it is intended that the net proceeds will be used to repurchase the existing convertible bonds due 2029 (“Existing Convertible Bonds”). Any funds raised above that required for the repurchase of the Existing Convertible Bonds will be applied to general corporate purposes.
Convertible Bonds Offering
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It is intended that the Convertible Bonds will be listed on the Official List of Singapore Exchange Securities Trading Limited (“SGX-ST”)
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The Offering is being marketed to eligible investors with the final terms of the Convertible Bonds to be determined via a bookbuild process expected to be completed prior to market open on Wednesday, 15 April 2026
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Concurrent with the Offering, a delta placement of Ordinary Shares will be executed to facilitate hedging activity by investors in relation to the Convertible Bonds. The clearing price per Ordinary Share under the delta placement will be
used as the reference share price for the Convertible Bonds
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More details on the key terms of the Convertible Bonds are provided in the table below
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Stock Borrow Facility
To assist the implementation of the Convertible Bonds Offering, Elk River Holdings Pty Ltd as the trustee for The Behrenbruch Family Trust1 (“Stock Lender”) intends
to enter into a stock lending agreement with an affiliate of J.P. Morgan (“Stock Borrower”) pursuant to which the Stock Lender will lend a certain number of Ordinary Shares to the Stock Borrower, and the
Stock Borrower will be required to return the borrowed Ordinary Shares to the Stock Lender pursuant to the terms of the agreement (“Stock Borrow Facility”).
1 Dr Behrenbruch holds an indirect interest.
Concurrent Repurchase
Additionally, Telix is conducting a reverse bookbuilding process to receive indications of interest from holders of the Existing Convertible Bonds on a repurchase of the outstanding Existing Convertible Bonds (“Concurrent Repurchase”). The number of Existing Convertible Bonds to be repurchased and the purchase price will be determined by the reverse bookbuilding process.
Adviser
J.P. Morgan Securities plc (“J.P. Morgan”) is Sole Bookrunner on the Offering and Sole Dealer Manager on the Concurrent Repurchase.
Key terms of the Convertible Bonds
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Issuer
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Telix Pharmaceuticals (Investments) Inc.
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Guarantors
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Telix Pharmaceuticals Limited and Telix Pharmaceuticals (US) Inc.
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Expected Issue Size
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US$550 million
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Ranking
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Direct, unconditional, unsubordinated and unsecured obligations of the Issuer and Guarantors
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Maturity Date
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5 years | ||
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Investor Put Option
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At the end of year 3
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Coupon / Yield
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1.50 – 1.75%
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Conversion Premium
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35.0 – 37.5%
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Reference Share Price
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The clearing price of the Delta Placement – see below
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Delta Placement
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J.P. Morgan will run a bookbuilding process to facilitate some or all of the hedging activity that may be executed by investors in the Convertible Bonds
The clearing price of the Delta Placement will be used as the reference share price to determine the initial conversion price of the Convertible Bonds
The manner of conducting the Delta Placement will be determined by J.P. Morgan in consultation with Telix
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Conversion Price
Adjustment
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Standard anti-dilutive adjustments including conversion price adjustment for all dividends paid by Telix
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Listing
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SGX-ST
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Selling Restrictions
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Reg S (Cat 2) only
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About Telix Pharmaceuticals Limited
Telix is a global biopharmaceutical company focused on the development and commercialization of radiopharmaceuticals with the goal of addressing significant unmet medical need in oncology and rare diseases. Telix is
headquartered in Melbourne (Australia) with international operations in the United States, United Kingdom, Brazil, Canada, Europe (Belgium and Switzerland), and Japan, Telix is listed on the Australian Securities Exchange (ASX: TLX) and the Nasdaq
Global Select Market (NASDAQ: TLX).
Visit www.telixpharma.com for further information about Telix, including details of the latest share price, ASX and U.S. Securities and Exchange Commission (SEC) filings, investor and analyst presentations,
news releases, event details and other publications that may be of interest. You can also follow Telix on LinkedIn, X and Facebook.
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Telix Investor Relations (Global)
Ms. Kyahn Williamson
SVP Investor Relations and
Corporate Communications kyahn.williamson@telixpharma.com
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Telix Investor Relations (Australia)
Ms. Charlene Jaw
Associate Director Investor
Relations charlene.jaw@telixpharma.com
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Telix Investor Relations (U.S.)
Ms. Annie Kasparian
Director Investor Relations and
Corporate Communications
annie.kasparian@telixpharma.com
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This announcement has been authorized for release by the Telix Pharmaceuticals Limited Board of Directors.
Legal Notices
Cautionary Statement Regarding Forward-Looking Statements.
You should read this announcement together with our risk factors, as disclosed in our most recently filed reports with the Australian Securities Exchange (ASX), U.S. Securities and Exchange
Commission (SEC), including our Annual Report on Form 20-F filed with the SEC, or on our website.
The information contained in this announcement is not intended to be an offer for subscription, invitation or recommendation with respect to securities of Telix Pharmaceuticals Limited (Telix) in
any jurisdiction, including Australia, Singapore, and the United States. The information and opinions contained in this announcement are subject to change without notification. To the maximum extent permitted by law, Telix disclaims any obligation
or undertaking to update or revise any information or opinions contained in this announcement, including any forward-looking statements (as referred to below), whether as a result of new information, future developments, a change in expectations or
assumptions, or otherwise. No representation or warranty, express or implied, is made in relation to the accuracy or completeness of the information contained or opinions expressed in the course of this announcement.
This announcement may contain forward-looking statements, including within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, that relate to anticipated future events,
financial performance, plans, strategies or business developments. Forward-looking statements can generally be identified by the use of words such as “may”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “outlook”, “forecast” and
“guidance”, or the negative of these words or other similar terms or expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or
achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements are based on Telix’s good-faith assumptions as to the
financial, market, regulatory and other risks and considerations that exist and affect Telix’s business and operations in the future and there can be no assurance that any of the assumptions will prove to be correct. In the context of Telix’s
business, forward-looking statements may include, but are not limited to, statements about: the initiation, timing, progress, completion and results of Telix’s preclinical and clinical trials, and Telix’s research and development programs; Telix’s
ability to advance product candidates into, enroll and successfully complete, clinical studies, including multi-national clinical trials; the timing or likelihood of regulatory filings and approvals for Telix’s product candidates, including
TLX101-Px and TLX250-Px, manufacturing activities and product marketing activities; Telix’s sales, marketing and distribution and manufacturing capabilities and strategies; the commercialization of Telix’s product candidates, if or when they have
been approved; Telix’s ability to obtain an adequate supply of raw materials at reasonable costs for its products and product candidates; estimates of Telix’s expenses, future revenues and capital requirements; Telix’s financial performance;
developments relating to Telix’s competitors and industry; the anticipated impact of U.S. and foreign tariffs and other macroeconomic conditions on Telix’s business, including as a result of war or other geopolitical conflicts; and the pricing and
reimbursement of Telix’s product candidates, if and after they have been approved. Telix’s actual results, performance or achievements may be materially different from those which may be expressed or implied by such statements, and the differences
may be adverse. Accordingly, you should not place undue reliance on these forward-looking statements.
Neither this announcement nor any copy hereof may be taken into or distributed in the United States.
The information contained in this announcement is not for distribution, directly or indirectly, in or into the United States. The Convertible Bonds, the guarantees and the Ordinary Shares to be
issued upon conversion of the Convertible Bonds have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any state or other
jurisdiction of the United States and they may not be offered or sold, resold, transferred or delivered, directly or indirectly, within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the
Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. The Convertible Bonds and the guarantees are being offered
and sold solely outside the United States in an “offshore transaction” as defined in, and in reliance on Regulation S under the Securities Act.
Nothing in this announcement or anything attached to it shall form the basis of any contract or commitment.
The Concurrent Repurchase is not being made and will not be made, directly or indirectly, in or into the United States. This includes, but is not limited to, facsimile transmission, electronic
mail, telex, telephone, the internet and other forms of electronic communication. The Existing Convertible Bonds may not be tendered in the Concurrent Repurchase by any such use, means, instrumentality or facility from or within the United States
or by persons located or resident in the United States as defined in Regulation S of the Securities Act. Any purported tender of Existing Convertible Bonds made by a person located in the United States will not be accepted.
This communication may not be distributed to the press or other media or forwarded, photocopied, passed on or, in any other manner, transmitted to any other person. Non-compliance with the
foregoing may constitute a violation of law. This information is subject to change.
This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements
or opinions made or reports contained in this announcement.
All trademarks and trade names referenced in this press release are the property of Telix Pharmaceuticals Limited (Telix) or, where applicable, the property of their respective owners. For
convenience, trademarks and trade names may appear without the ® or ™ symbols. Such omissions are not intended to indicate any waiver of rights by Telix or the respective owners. Trademark registration status may vary from country to country. Telix
does not intend the use or display of any third-party trademarks or trade names to imply any affiliation with, endorsement by, or sponsorship from those third parties.
©2026 Telix Pharmaceuticals Limited. All rights reserved.
Exhibit 99.2
FAQ
What financing transaction did Telix (TLX) announce in this 6-K?
Telix announced an offering of US$550 million convertible notes due 2031, issued by a wholly owned subsidiary and guaranteed by Telix entities. Net proceeds are intended mainly to repurchase its existing convertible bonds due 2029, with any excess for general corporate purposes.
What are the key terms of Telix’s new convertible notes offering?
The convertible notes have an expected issue size of US$550 million, a 5-year maturity with an investor put at year three, and an anticipated 1.50–1.75% coupon. They feature a 35–37.5% conversion premium and will be convertible into fully paid ordinary shares of Telix.
How did Telix (TLX) perform financially in 2025?
In 2025, Telix reported group revenue of US$804 million, up 56% year over year, with Precision Medicine revenue of US$622 million. The company generated EBITDA of US$40 million and ended the period with a positive cash balance of US$142 million, reflecting underlying profitability.
What revenue guidance has Telix provided for full-year 2026?
Telix has guided to 2026 group revenue in the range of US$950–970 million, based on its approved products and geographies. The outlook includes around 25% growth in Precision Medicine revenue, a full year of RLS revenue contribution, and continued reinvestment in R&D.
What is the significance of Telix’s collaboration with Regeneron?
The Regeneron collaboration focuses on developing next-generation radiopharmaceutical therapies using Regeneron antibodies and Telix’s radiopharma platform. Telix will receive US$40 million upfront and may earn up to US$2.1 billion in development and commercial milestones, plus low double-digit royalties on resulting products.
How is Telix (TLX) progressing with its radiopharma pipeline?
Telix reports four assets in pivotal or phase 3 trials across prostate, kidney and brain cancers, including the ProstACT Global, IPAX BrIGHT, LUTEON and BiPASS studies. The company highlights multiple near-term milestones, such as regulatory submissions, trial enrollment progress and key data readouts across its portfolio.