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US IPO Week Ahead: Summer IPO market continues with precision medicine and radiopharmaceuticals

June 7, 2024
Week Ahead

Two sizable IPOs are scheduled for the week ahead.

Precision medicine company Tempus AI (TEM) plans to raise $400 million at a $6.2 billion market cap. The company provides its Tempus Platform, which includes proprietary software and data pipelines to enable development of more personalized therapies. Highly unprofitable but growing, Tempus’ offerings have been used by approximately 95% of the largest public pharmaceuticals, and its clinical next generation sequencing volume in oncology rose nine-fold from 2018 to 2023.

Australia-listed biotech Telix Pharmaceuticals (TLX) plans to raise $202 million at a $4.2 billion market cap. Telix is focused on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals, with a pipeline of candidates across various oncology indications. Its lead product, Illuccix, is a commercially available imaging agent for prostate cancer that has generated about $550 million in sales since its commercial launch in April 2022.

U.S. IPO Calendar
Deal Size
Market Cap
Price Range
Shares Filed
Telix Pharmaceuticals (TLX)
North Melbourne, Australia
Morgan Stanley
Commercial-stage Australian biotech developing therapeutic and diagnostic radiopharmaceuticals.
Tempus AI (TEM)
Chicago, IL
$35 - $37
Morgan Stanley
JP Morgan
Provides data and analytics tools for precision medicine.
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Street research is expected for four companies in the week ahead, and one lock-up period will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/6/2024, the Renaissance IPO Index was up 6.5% year-to-date, while the S&P 500 was up 12.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index was down 0.8% year-to-date, while the ACWX was up 7.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Wise and Porsche.