Telix Pharma Upsizes Convertible Bond Deal to $600 Million

Telix Pharmaceuticals Ltd. raised $600 million from a convertible bond deal that fetched more than expected, in a sign of strong demand for Australia’s largest such offering this year. The company’s shares fell.

The Melbourne, Australia-based cancer drugmaker priced its bonds at a conversion price of $13.85 per share, representing a conversion premium of 37.5% above the clearing price of a delta placement that was done to facilitate investor hedging, according to a filing Tuesday. Telix initially sought to raise $550 million, marketing the deal at a premium range of 35% to 37.5%.