PureTech Health PLC PRTC Receives Another $45M from Affiliate Shares (8392N)
May 26 2020 - 2:01AM
UK Regulatory
TIDMPRTC
RNS Number : 8392N
PureTech Health PLC
26 May 2020
26 May 2020
PureTech Health plc
PureTech Receives $45 Million from Sale of a Minority Portion of
Founded Entity Shares
PureTech Health plc (LSE: PRTC) ("PureTech" or the "Company"), a
clinical stage biotechnology company dedicated to discovering,
developing and commercialising highly differentiated medicines for
devastating diseases, today announces that it has sold 555,500
shares of its Founded Entity Karuna Therapeutics ("Karuna," Nasdaq:
KRTX) through on-market transactions for a cash consideration of
approximately $45 million (the "Transaction").
Following the Transaction, PureTech continues to hold 4,739,897
shares of Karuna common stock, which is equal to 18.1% of Karuna's
outstanding shares, and has a right to royalty payments on net
sales of any commercialised product covered by a license granted by
PureTech to Karuna. PureTech has generated over $255 million in the
past six months from the combined sales of minority portions of
Founded Entity shares. PureTech intends to use the proceeds from
the Transaction to fund its growth potential.
The Transaction constitutes a class 2 transaction for the
purposes of the UK Financial Conduct Authority's Listing Rules.
About Karuna
Karuna is a clinical-stage biopharmaceutical company committed
to developing and delivering first-in-class therapies with the
potential to transform the lives of people with CNS disorders -
which remain among the most disabling and potentially fatal
disorders worldwide. Galvanized by the understanding that today's
neuropsychiatric and pain management patients deserve better,
Karuna's mission is to harness the untapped potential of the
brain's complex biology in pursuit of novel therapeutic pathways
that will advance the standard of care. For more information,
please visit karunatx.com.
About PureTech Health
PureTech is a clinical-stage biotherapeutics company dedicated
to discovering, developing and commercialising highly
differentiated medicines for devastating diseases, including
intractable cancers, lymphatic and gastrointestinal diseases,
central nervous system disorders and inflammatory and immunological
diseases, among others. The Company has created a broad and deep
pipeline through the expertise of its experienced research and
development team and its extensive network of scientists,
clinicians and industry leaders. This pipeline, which is being
advanced both internally and through PureTech's Founded Entities,
is comprised of 23 product candidates and one product that has been
cleared by the US Food and Drug Administration (FDA). All of the
underlying programmes and platforms that resulted in this pipeline
of product candidates were initially identified or discovered and
then advanced by the PureTech team through key validation points
based on the Company's unique insights into the biology of the
brain, immune and gut, or BIG, systems and the interface between
those systems, referred to as the BIG Axis.
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 EU media US media
Allison Mead Talbot Ben Atwell, Rob Winder Stephanie Simon
+1 617 651 3156 +44 (0) 20 3727 1000 +1 617 581 9333
amt@puretechhealth.com ben.atwell@FTIconsulting.com stephanie@tenbridgecommunications.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
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contact rns@lseg.com or visit www.rns.com.
END
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