ASX 200 healthcare share Telix Pharmaceuticals Ltd (ASX: TLX) fell 9.4% to an intraday low of $27.52 as the market digested news of a $118 million off-market trade by the co-founders.
The radiopharmaceutical company's CEO, Dr. Christian Behrenbruch, and former director, Dr. Andreas Kluge, both sold two million shares each in an off-market block trade this week.
The shares were sold for $29.50 apiece after the market close on Wednesday.
Let's find out more.
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ASX 200 healthcare share dips following block trade
Telix Pharmaceuticals shares closed at $31.05 on Wednesday.
Hence, the block trade was executed at a 5% discount.
The Australian Financial Review (AFR) reported that JPMorgan had been appointed to shop the four million shares around after the day's trading session finished on Wednesday.
Dr Behrenbruch sold his shares as part of his divorce settlement and for estate planning purposes. The shares sold were held in a family trust.
Dr Behrenbruch has committed not to sell any more Telix shares for the next 12 months.
The company said the sale represented less than 10% of Dr Behrenbruch's holdings. Following the trade, he now holds 6.3% of Telix's issued capital.
The Telix board approved the sale to occur within a permitted trading window following the release of the company's full-year FY24 results on 20 February.
In a statement, Telix said:
As Managing Director and Group CEO and a major shareholder, Dr. Behrenbruch is committed to Telix's future and has no intention to sell further shares in the foreseeable future.
Telix announced Dr Behrenbruch's pending sale after the market close on Wednesday.
The company confirmed the transaction in a second announcement before the market open yesterday.
In that statement, Telix also revealed that Dr. Andreas Kluge had also sold 2 million shares as part of the block trade.
Management said Dr Kluge's remaining Telix shares would also be subject to a twelve-month lock-up arrangement.
Telix said Dr Kluge has confirmed that he has no intention to sell further shares in the foreseeable future.
Telix announced Dr Kluge's retirement from the board on 17 October last year.
The company said Dr Kluge would be engaged by Telix on a consultancy basis to provide strategic advice and clinical input.
What else is news with Telix Pharmaceutical shares?
Last week, Telix reported a remarkable 860% lift in net profit after tax (NPAT) to $49.9 million for the full year FY24.
The company also revealed a 56% increase in revenue to $783.2 million.
Management is guiding FY25 revenue of between $1.18 billion and $1.23 billion.
This would represent an annual increase of approximately 51% to 57%, respectively.
ASX 200 healthcare share price snapshot
The ASX 200 healthcare share has risen 139% over the past 12 months.
The Telix Pharmaceutical share price hit an all-time high of $31.97 on Wednesday.
