Telix Pharmaceuticals — Telix signs a big China deal

Telix Pharmaceuticals (AU: TLX)

Last close As at 20/05/2024

6.94

−0.20 (−2.80%)

Market capitalisation

1,979m

More on this equity

Research: Healthcare

Telix Pharmaceuticals — Telix signs a big China deal

Telix announced on 2 November 2020 that it has entered into a licensing agreement with China Grand Pharmaceutical (CGP) for the greater Chinese rights to its diagnostic and therapeutic products. The deal includes up to US$225m in potential cash payments, including a US$25m non-refundable upfront advance, as well as royalties on therapeutic products sales and a comarketing agreement for the diagnostic products. Additionally, CGP will make a US$25m equity investment in Telix.

Analyst avatar placeholder

Written by

Healthcare

Telix Pharmaceuticals

Telix signs a big China deal

Business update

Healthcare equipment
& services

5 November 2020

Price

A$2.11

Market cap

A$580m

US$0.66/A$

Net cash (A$m) at 30 June 2020

23.3

Shares in issue

274.9m

Free float

50.39%

Code

TLX

Primary exchange

ASX

Secondary exchange

OTCMKS

Share price performance

%

1m

3m

12m

Abs

27.1

66.8

32.3

Rel (local)

21.4

64.2

43.6

52-week high/low

A$2.16

A$0.80

Business description

Telix Pharmaceuticals is a Melbourne-headquartered global biopharmaceutical company focused on the development of diagnostic and therapeutic products based on targeted radiopharmaceuticals or molecularly targeted radiation.

Next events

ZIRCON enrolled

Q121

TLX591 Phase III start

Q420

TLX591-CDx approval decision

Expected H121

Analysts

Nathaniel Calloway

+1 646 653 7036

Telix Pharmaceuticals is a research client of Edison Investment Research Limited

Telix announced on 2 November 2020 that it has entered into a licensing agreement with China Grand Pharmaceutical (CGP) for the greater Chinese rights to its diagnostic and therapeutic products. The deal includes up to US$225m in potential cash payments, including a US$25m non-refundable upfront advance, as well as royalties on therapeutic products sales and a comarketing agreement for the diagnostic products. Additionally, CGP will make a US$25m equity investment in Telix.

Year end

Revenue (A$m)

PBT*
(A$m)

EPS*
(c)

DPS
(c)

P/E
(x)

Yield
(%)

12/18

10.3

(15.7)

(6.8)

0.0

N/A

N/A

12/19

15.2

(31.1)

(11.9)

0.0

N/A

N/A

12/20e

15.0

(29.9)

(11.5)

0.0

N/A

N/A

12/21e

97.8

52.2

19.5

0.0

N/A

N/A

Note: *PBT and EPS are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments.

A big deal for all lead products

Telix’s therapeutic and diagnostic products are treated differently under the deal. The agreement related to the therapeutics products includes a US$25m upfront payment that is a non-refundable advance on US$225m in future milestones (US$69m regulatory, US$156m commercial). The company will also receive up to US$65m to cover clinical development costs to seek approval in greater China for the therapeutics, and undisclosed royalties on product sales. The agreement for the diagnostic programs is a co-marketing agreement in which both companies will share sales, marketing and distribution responsibilities.

Chinese market estimates

The rate of certain cancers is lower in China than in the West, but it remains one of the largest markets in the world despite this. We estimate an addressable market of 70,000 prostate cancer patients, 25,000 kidney cancer patients and 8,000 glioma patients in China, when only considering those patients with access to care.

A$71m in total new cash from the deal

In addition to the upfront advance, CGP will also be making an equity investment in Telix: 20,947,181 shares at A$1.69 for A$35m. This will leave CGP with a 7.62% stake in Telix. Combined with the upfront advance and Q320 cash of A$25.7m, we calculate pro forma cash of A$95.1m for Telix. This cash should remove any financial overhangs through the upcoming launch of TLX591-CDx and completion of the TLX250-CDx clinical program.

Valuation: Increased to A$671.0m on deal

We have increased our valuation to A$671.0m or A$2.44 per share, from A$567m or A$2.23 per share, due primarily to the CGP deal. The majority of this difference is from the upfront advance and the investment (A$71m). We have added the Chinese market to our estimates, as well as rolling forward our NPVs and updating for new net cash (A$95.1m pro forma).

A big check for a regional deal

The licensing and commercialization deal signed between Telix and CGP is notable in many respects. First, the scope of this deal is much larger than the typical regional licensing. It encompasses essentially all of Telix’s major development programs, whereas regional licensing is usually done on a product-by-product basis. The upfront payment of US$25m is substantial in this case as a result. This combined with the US$25m investment from CGP effectively recapitalizes the company. We had forecast that Telix would seek licensing agreements to support the development of the therapeutic programs, and our models assume that the company will also license the US and European rights to these programs. We are very encouraged by the current deal, because the size and scope speak to the interest in these programs from other potential partners.

When estimating the market potential for a medical product in China, an important consideration is access to care. Although the country boasts high insurance coverage rates (95% or higher), the majority of individuals covered under the New Rural Cooperative Medical Scheme (NRCMS) have little access to care, and most treatments are only available to patients on urban medical schemes (urban employee basic medical insurance (UEBMI) and urban resident basic medical insurance (URBMI), combined reflecting about 35% of the population). When combined with residents of Hong Kong, Macau and Taiwan, this represents a top-level market of 515 million individuals.

Prostate cancer is significantly less common in China than in the West: 9.1 per 100,000 compared to 75.7 per 100,000 in the US.1 The story is similar for kidney cancer (4.4 per 100,000 in China vs 14.4 per 100,000 in the US), but rates are more similar for brain cancers (4.2 vs 6.3 per 100,000, of which an expected 30% are glioma). Despite these considerations, the sheer size of the population of China makes it one of the biggest healthcare markets in the world. We estimate an addressable market of 70,000 prostate cancer patients, 25,000 kidney cancer patients and 8,000 glioma patients among those urban dwellers with access to care.

  Globocan

Although there have been significant reforms in the Chinese regulatory landscape to open the market up to foreign products, it remains highly favored to partner with a Chinese domiciled company. CGP is a broadly diversified healthcare company based in Hong Kong (HKSE 0512, market cap HK$22bn), which markets products across every healthcare category, from traditional Chinese medicine, to chemotherapy drugs, to drug coated balloon catheters, to ultrasound equipment. The company entered the radiopharmaceutical market with the acquisition of Australian company Sirtex in 2019 (for A$1.9bn). The acquisition of Sirtex was a bidding war, with CGP outbidding Varian Medical (A$33.60 per share to Varian’s $28 per share offer), which we believe highlights the importance of radiopharmaceuticals to CGP’s strategy, and their view of the role of these products in China. Additionally, concurrent with the announcement of the deal with Telix, CGP announced that it was entering into an agreement with Jiangsu Institute for Nuclear Medicine to develop manufacturing, controls and preclinical research capacity for radionuclide drugs.

In addition to the PET probes TLX591-CDx and TLX250-CDx, the deal also includes the company’s PSMA based SPECT probe TLX599-CDx. TLX599-CDx is fundamentally similar to TLX591, but using a SPECT tracer. This is important because as a ‘last generation’ technology, SPECT has a much more robust footprint worldwide, and in particular in China. Telix is planning to initiate a global pivotal study of TLX599-CDx in 2021.

Valuation

We have increased our valuation to A$671.0m or A$2.44 per share, from A$567m or A$2.23 per share. We have incorporated the details of the transaction with CGP into our models. The majority of the value from the transaction is from the upfront payment and investment (approximately A$71m).

We have made a series of assumptions when estimating the potential of these products in the Chinese market. For mainland China, we only consider those enrolled in the government’s urban health plans (UEBMI and URBMI programs) as a viable market. We assume pricing in China at approximately US$21,000 per patient for the therapeutics (compared to US$70,000 in the US) and US$500 for the diagnostics (compared to US$3,500 in the US). We assume a 12% royalty payable to Telix on the therapeutic programs and a 30% profit sharing margin on the diagnostics. The projected milestone payments to Telix are split evenly by the three therapeutic products, and we include an additional 50% risk adjustment on commercial milestones to reflect that not all may be met. Otherwise our growth and penetration assumptions for the Chinese market are the same as for corresponding US and European markets.

In addition to these changes, we have rolled forward our NPVs, updated for Q3 net cash (estimated A$24.7m based on the 4C statement and c A$1m in gross debt reported at H120), and the increased number of shares following the CGP investment (estimated 274.9m).

Exhibit 1: Valuation of Telix

 

Peak sales (US$m)

Likelihood (%)

rNPV
(A$m)

rNPV/share (A$)

TLX250-CDx kidney cancer imaging:

80

85%

96.4

0.35

TLX250 kidney cancer therapeutic:

520

20%

82.1

0.30

TLX591-CDx prostate cancer imaging

180

80%

222.8

0.81

TLX591 prostate cancer therapeutic:

1,190

20%

166.1

0.60

TLX101 brain cancer therapeutic

580

10%

56.8

0.21

SG&A

(48.7)

(0.18)

Portfolio total

575.9

2.10

Net cash (Q320 est + CGP upfront and equity investment)

95.1

0.35

Enterprise total

671.0

2.44

Source: Telix reports, Edison Investment Research

Financials

We expect the near-term impact on costs from the agreement to be relatively small. The R&D commitments from the agreement will largely be covered by CGP. However, Telix did note that it will be hiring additional staff to service the agreement, and guided to A$3m in additional operational costs in 2021 and going forward. This has increased our 2021 SG&A expense to A$19.8m from A$16.8m.

The A$71m in new cash from the upfront and the investment from CGP opens up a lot of options for the company. In our model we have assumed (and continue to maintain) that the company will license TLX591 and TLX250 for further development in 2021 (which includes A$91m in milestones associated with these putative agreements). This assumption was made because of the hurdle to launching these drugs in the US: the company would need to finance expensive late-stage trials and build out a commercial apparatus in the US. The new influx of cash from the CGP deal, however, gives the company options because it could potentially finance a portion of these programs internally. The company may decide to ultimately out-license TLX591, but by internally financing this product’s Phase III study, the licensing agreement post Phase III would likely be significantly more lucrative (if the study is successful). We estimate that this would increase costs by A$60m, and that the program would need to be at least in part supported by sales of TLX591-CDx and TLX250-CDx (more detail in our Outlook report). Another option available to the company with the added cash resources is that it could increase its investment in its other pipeline products. We recently profiled the ‘deep pipeline’ at the company, which includes a range of next-generation products.

Exhibit 2: Financial summary

 

A$'000s

 

2018

2019

2020e

2021e

Year end 31 December

AASB

AASB

AASB

AASB

PROFIT & LOSS

Sales, royalties, milestones

195

3,485

3,630

97,773

Other (includes R&D tax rebate)

10,142

11,693

11,400

0

Revenue

 

 

10,337

15,178

15,030

97,773

R&D expenses

(18,692)

(21,162)

(21,750)

(21,250)

SG&A expenses

(9,150)

(15,800)

(16,274)

(19,762)

COGS and Other

0

(2,543)

(2,649)

0

EBITDA

 

 

(17,505)

(24,327)

(25,643)

56,761

Operating Profit (before amort. and except.)

 

(18,992)

(24,078)

(26,023)

55,692

Intangible Amortisation

0

(4,236)

(4,309)

(4,309)

Exceptionals

0

0

0

0

Operating Profit

(18,992)

(28,314)

(30,332)

51,383

Net Interest

304

(2,310)

446

788

Profit Before Tax (norm)

 

 

(15,714)

(31,122)

(29,886)

52,171

Profit Before Tax (reported)

 

 

(15,714)

(31,122)

(29,886)

52,171

Tax benefit

1,884

3,255

0

1,457

Profit After Tax (norm)

(13,830)

(27,867)

(29,886)

53,628

Profit After Tax (reported)

(13,830)

(27,867)

(29,886)

53,628

Average Number of Shares Outstanding (m)

202.1

233.4

259.0

274.9

EPS - normalised (c)

 

 

(6.84)

(11.94)

(11.54)

19.51

EPS - diluted (c)

 

 

(6.84)

(11.94)

(11.09)

19.77

Dividend per share (c)

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

40,852

43,928

43,062

38,155

Intangible Assets

39,451

41,948

37,638

33,329

Tangible Assets

226

1,899

5,341

4,744

Investments

1,175

82

82

82

Other

Current Assets

 

 

35,856

58,679

92,748

157,222

Stocks

643

542

446

446

Debtors

8,436

12,071

11,778

378

Cash

25,771

44,598

78,765

154,639

Other

1,007

1,468

1,759

1,759

Current Liabilities

 

 

(8,242)

(10,625)

(38,724)

(43,432)

Creditors

(6,893)

(9,218)

(181)

(4,889)

Short term borrowings

(1,133)

(490)

(489)

(489)

Other

(216)

(917)

(38,054)

(38,054)

Long Term Liabilities

 

 

(15,562)

(21,902)

(19,875)

(19,875)

Long term borrowings

(596)

(1,641)

(666)

(666)

Other long term liabilities

(14,966)

(20,261)

(19,209)

(19,209)

Net Assets

 

 

52,904

70,080

77,211

132,070

CASH FLOW

Operating Cash Flow

 

 

(21,065)

(23,314)

(1,521)

74,099

Net Interest

316

(19)

446

788

Tax

0

0

0

1,457

Capex

0

(403)

(644)

(471)

Acquisitions/disposals

(2,693)

(65)

0

0

Equity Financing

0

43,890

35,820

0

Dividends

0

0

0

0

Other

0

0

(218)

0

Net Cash Flow

(23,442)

20,089

33,882

75,873

Opening net debt/(cash)

 

 

(48,414)

(24,042)

(42,467)

(77,610)

HP finance leases initiated

0

0

0

0

Other

(929)

(1,664)

1,261

(0)

Closing net debt/(cash)

 

 

(24,042)

(42,467)

(77,610)

(153,484)

Source: Telix reports, Edison Investment Research.


General disclaimer and copyright

This report has been commissioned by Telix Pharmaceuticals and prepared and issued by Edison, in consideration of a fee payable by Telix Pharmaceuticals. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Telix Pharmaceuticals and prepared and issued by Edison, in consideration of a fee payable by Telix Pharmaceuticals. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

More on Telix Pharmaceuticals

View All

Latest from the Healthcare sector

View All Healthcare content

Research: Investment Companies

Standard Life Private Equity Trust — Withstanding the crisis in good shape so far

Standard Life Private Equity Trust (SLPET) recently reported a rebound in its NAV upon receiving the underlying valuations from its general partners (GPs) as at end-June, which brought its 12-month NAV total return to end-September 2020 to a positive 4.0%. Following the upsizing of its credit facility to £200m and the £61.9m in distributions received (vs £78.6m of capital calls in the period), SLPET’s commitments coverage ratio was a solid 49% at end September 2020. This is not adjusted for the £15.3m expected deferred consideration and £67.1m of commitments it considers unlikely to be called.

Continue Reading

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free