Australia's Telix Pharma to raise $398 mln in debt to fund cancer therapy
Recasts with details on debt raising
July 23 (Reuters) -Telix Pharmaceuticals TLX.AX aims to raise A$600 million ($397.5 million) via the issue ofconvertible notes to fund key trials for its kidney and brain cancer therapy programs, the biopharmaceutical company said on Tuesday.
The net proceeds from the debt raising will also be used to speed up the development of its therapeutics and diagnostics (theranostics) portfolio.
The notes, due to mature in 2029, are convertible into ordinary shares of Telix and will yield interest between 2% to 2.75% per year for the holder.
Telix added that the convertible bonds represent attractive, low-cost financing to the company and are non-dilutive until any potential future conversions occur.
The bonds will be listed on the official list of the Singapore Exchange.
($1 = 1.5094 Australian dollars)
Reporting by Shivangi Lahiri in Bengaluru; Editing by Sonia Cheema and Eileen Soreng
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