Good evening,

Cancer diagnosis play Telix Pharmaceuticals has taken an early lead in the Australian equities raising race, bolting out of the gates today with a $205 million deal.

The deal, split between a $175 million placement and a $30 million founder/insider sale, is the biggest Australian ECM trade of the year so far.

While it’s early days, Telix and its brokers seemed happy with demand for stock, showing the market is wide open for growth-related equity raisings.

In investor calls today, some funds were quick to question why Telix insiders would sell at a pivotal moment for the company, when it’s nearing commercialisation of its primary product. They responded that it was their first share sale and committed not to sell another share this year.

Elsewhere, we take a look at the latest fund from Australian credit investment group Metrics Credit Partners, and dip into the takeover battle at Virtus Health, where we revealed a new bid and bidder today.

Happy reading

Anthony Macdonald, Sarah Thompson and Kanika Sood

Street Talk editors