PureTech Health PLC PRTC Receives $100M from Founded Entity Shares (2345X)
August 26 2020 - 7:40AM
UK Regulatory
TIDMPRTC
RNS Number : 2345X
PureTech Health PLC
26 August 2020
26 August 2020
PureTech Health plc
PureTech Receives Approximately $100 Million from Sale of
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 1,333,333
shares of its Founded Entity Karuna Therapeutics ("Karuna," Nasdaq:
KRTX) through a block trade conducted by Goldman Sachs & Co.
LLC for a cash consideration of approximately $100 million (the
"Transaction").
Following the Transaction, PureTech continues to hold 3,406,564
shares of Karuna common stock, which is equal to 12.8% 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. Subject to certain customary exceptions,
PureTech has agreed not to sell additional shares of Karuna for a
period of 45 days following the trade.
The transaction constitutes a class 1 transaction for the
purposes of the UK Financial Conduct Authority's Listing Rules and
was conducted pursuant to the authority granted by the Company's
shareholders announced by the Company earlier today.
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 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 an extensive
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 24 products and product candidates, including two
that have been cleared by the US Food and Drug Administration (FDA)
and several other novel preclinical programmes. PureTech's pipeline
includes innovative platforms and therapeutic candidates that were
developed in collaboration with some of the world's leading
experts. 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
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END
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