Tiffany Olson has resigned as chairwoman of Telix Pharmaceuticals after less than a year in the role, following a challenging period for the cancer diagnostic company. The abrupt departure comes as Telix faces significant regulatory setbacks that have resulted in a staggering $6.5 billion decline in its market capitalisation over the past year.
In a statement released on Tuesday, Telix announced that co-founder Mark Nelson would assume the position of interim chairman while a search for a permanent replacement is conducted. The company did not elaborate on the reasons for Olson’s departure, citing only personal reasons for her exit. Nelson expressed confidence in Telix’s future, stating, “Telix has an exceptionally strong commercial business and pipeline, and we expect 2026 to be a pivotal year.” He reassured investors that the chairwoman’s resignation would not affect the company’s near-term milestones or long-term growth strategy.
Olson, who took over from former chairman Kevin McCann in May 2022, previously held a senior executive role at Cardinal Health, a major provider of radiopharmaceuticals in the United States. McCann had been with Telix since its initial public offering in November 2017.
Following the announcement, Telix’s shares dropped by 2.5 percent, closing at $10.23 after hitting a two-year low of $10.03. This decline represents a significant fall from the $30 per share valuation when Olson began her tenure.
The company has faced a rocky path since July 2022, when it received inquiries from the US Securities and Exchange Commission regarding disclosure issues related to its prostate cancer therapies. In August, the US Food and Drug Administration issued a “complete response letter” concerning a cancer imaging agent, stating that the product could not be approved in its current form due to concerns about manufacturing data. Telix has indicated that it can address the issues raised in the letter.
Despite these challenges, Craig Wong-Pan, a healthcare analyst at RBC Capital Markets, noted that there is potential for revenue growth from Telix’s product portfolio, which includes treatments for prostate cancer, kidney cancer, and glioblastoma. He stated, “We forecast Telix’s revenues increasing significantly over the long term as the company develops and commercialises both imaging and therapeutic products.”
Telix is a leader in a burgeoning field of treatment that uses drugs containing radioactive isotopes to detect cancer cells. The company has been under increased scrutiny from US regulators concerning disclosures about its interactions with the FDA, clinical trials, and the development of new therapies.
In April 2022, Telix’s founder and CEO, Christian Behrenbruch, expressed frustration with the FDA’s demands for additional clinical evidence to support approval for its brain cancer imaging agent, claiming the company was unprepared for the decision.
In a strategic move, Telix announced plans in 2024 to acquire a large radiopharmacy network in the United States, aiming to solidify its position as a major supplier and distributor of cancer medicines. The ongoing developments reflect the company’s commitment to overcoming recent obstacles and achieving growth in the competitive healthcare market.
