TIDMPRTC
RNS Number : 7429D
PureTech Health PLC
28 June 2019
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES OR
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.
28 June 2019
PureTech Health plc
PureTech Affiliate Karuna Announces Pricing of Upsized Initial
Public Offering and Approval to List on Nasdaq
Karuna prices $89.2 million of common stock in Nasdaq IPO to
advance novel therapies to address disabling neuropsychiatric
conditions
PureTech Health plc (LSE: PRTC), an advanced biopharmaceutical
company developing novel medicines for dysfunctions of the
Brain-Immune-Gut (BIG) axis, announced today that Karuna
Therapeutics, Inc. (Karuna), an affiliate of PureTech Health, has
announced the pricing of its upsized initial public offering (IPO)
of 5,578,124 shares of common stock at a public offering price of
$16.00 per share resulting in gross proceeds to Karuna of $89.2
million, before underwriting discounts and commissions and offering
expenses to be paid by Karuna. The shares are expected to begin
trading on the Nasdaq Global Market under the ticker symbol "KRTX"
on June 28, 2019. The offering is expected to close on July 2,
2019, subject to customary closing conditions.
Following the offering, PureTech holds 7,395,397 shares of
Karuna common stock.
The full text of the announcement from Karuna is as follows:
Karuna Therapeutics Announces Pricing of Upsized Initial Public
Offering
BOSTON, June 27, 2019 - Karuna Therapeutics, Inc. (Nasdaq:
KRTX), a clinical-stage biopharmaceutical company primarily focused
on developing novel therapies to address disabling neuropsychiatric
conditions, today announced the pricing of its upsized initial
public offering of 5,578,124 shares of common stock at a public
offering price of $16.00 per share. In addition, Karuna has granted
the underwriters a 30-day option to purchase up to 836,718
additional shares of common stock at the initial public offering
price, less underwriting discounts and commissions. All the shares
are being offered by Karuna. The gross proceeds from the offering,
before deducting underwriting discounts and commissions and
estimated offering expenses payable by Karuna, are expected to be
$89.2 million, excluding any exercise of the underwriters' option
to purchase additional shares. The shares are expected to begin
trading on the Nasdaq Global Market under the ticker symbol "KRTX"
on June 28, 2019. The offering is expected to close on July 2,
2019, subject to customary closing conditions.
Goldman Sachs & Co. LLC and Citigroup are acting as joint
book-running managers for the offering. Wells Fargo Securities is
also serving as a joint book-running manager. Wedbush PacGrow is
acting as co-manager.
The offering is being made only by means of a prospectus. Copies
of the final prospectus relating to this offering may be obtained,
when available, by contacting the offices of Goldman Sachs &
Co. LLC, Attention: Prospectus Department, 200 West Street, New
York, NY 10282, by telephone: 1-866-471-2526 or by emailing
prospectus-ny@ny.email.gs.com; Citigroup Global Markets Inc.,
Attention: Prospectus Department, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by phone
at (800) 831-9146; or Wells Fargo Securities, LLC, Attention:
Equity Syndicate Department, 375 Park Avenue, New York, NY 10152,
or by telephone at 1-800-326-5897, or by email at
cmclientsupport@wellsfargo.com.
A registration statement relating to these securities has been
filed with, and declared effective by, the Securities and Exchange
Commission on June 27, 2019. Copies of the registration statement
can be accessed by visiting the SEC's website at www.sec.gov. This
press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any offer or sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About Karuna
Karuna is an innovative clinical-stage biopharmaceutical company
primarily focused on developing novel therapies to address
disabling neuropsychiatric conditions characterized by significant
unmet medical need. Karuna is currently conducting a Phase 2
clinical trial of its lead product candidate, KarXT
(Karuna-Xanomeline-Trospium), for the treatment of acute psychosis
in patients with schizophrenia. Karuna also plans to initiate
clinical trials of KarXT to evaluate its potential therapeutic
benefit in other central nervous system disorders, including
psychosis in Alzheimer's disease, as well as pain.
Ownership Information and Other Required Disclosures
After giving effect to the IPO, PureTech owns 7,395,397 shares
of common stock representing approximately 32.8% of Karuna's
outstanding shares, excluding any exercise of the underwriters'
option to purchase additional 836,718 shares.
About PureTech
PureTech Health (LSE: PRTC) is an advanced biopharmaceutical
company developing BIG medicines for dysfunctions of the
Brain-Immune-Gut axis. The Company has gained deep insights into
the connection between these systems and the resulting role in
diseases that have proved resistant to established therapeutic
approaches. By harnessing this emerging field of human biology,
PureTech is developing new categories of medicines with the
potential to have great impact on people with serious
disorders.
PureTech is advancing a rich pipeline of innovative therapies
with an unbiased, non-binary, and capital efficient R&D model
across its affiliates and its internal R&D pipeline. PureTech's
affiliates include seven clinical-stage platforms, including one
product that has been cleared by the US Food and Drug
Administration (FDA) and a second product candidate that has been
filed with the FDA for review, and several other novel preclinical
programs. The PureTech pipeline includes ground-breaking platforms
and therapeutic candidates that were developed in collaboration
with some of the world's leading experts.
PureTech's internal pipeline is centred on lymphatic targeting
and tissue-selective immunomodulation for the potential treatment
of immune and central nervous system disorders, lymphatic
conditions, and cancers. The Company is advancing multiple
platforms to enable oral administration of therapies directly into
the lymphatic system, regulate lymphatic flow and function, and
target immunosuppressive mechanisms in oncology. For more
information, visit www.puretechhealth.com or connect with us on
Twitter @puretechh.
Forward Looking Statement
This press release contains statements that are or may be
forward-looking statements, including statements that relate to the
company's future prospects, developments and strategies. The
forward-looking statements are based on current expectations and
are subject to known and unknown risks and uncertainties that could
cause actual results, performance and achievements to differ
materially from current expectations, including, but not limited
to, those risks and uncertainties described in the risk factors
included in the regulatory filings for PureTech Health plc. These
forward-looking statements are based on assumptions regarding the
present and future business strategies of the company and the
environment in which it will operate in the future. Each
forward-looking statement speaks only as at the date of this press
release. Except as required by law and regulatory requirements,
neither the company nor any other party intends to update or revise
these forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:
Investors
Allison Mead Talbot
+1 617 651 3156
amt@puretechhealth.com
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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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END
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