PureTech Health PLC PRTC Receives $115M from Founded Entity Shares (3342V)
August 09 2022 - 2:00AM
UK Regulatory
TIDMPRTC
RNS Number : 3342V
PureTech Health PLC
09 August 2022
9 August 2022
PureTech Health plc
PureTech to Receive up to Approximately $115.4 Million from Sale
of a Portion of Founded Entity Shares
PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) ("PureTech" or the
"Company"), a biotherapeutics company dedicated to changing the
treatment paradigm for patients with devastating diseases, today
announces that it has raised aggregate proceeds of up to
approximately $115.4 million, net of transaction fees, through the
sale of shares of its Founded Entity, Karuna Therapeutics
("Karuna," Nasdaq: KRTX), comprising a sale of 125,000 Karuna
shares in on-market transactions and expected completion of call
options covering up to 477,100 Karuna shares (collectively, the
"Transaction"). PureTech intends to use the proceeds from the
Transaction to further the advancement and growth of the Company
and will update its cash runway guidance in its half-yearly results
for the six months ended June 30, 2022, to be announced on August
25, 2022.
Following the Transaction and presuming the exercise of all call
options written by the Company, PureTech will have generated an
aggregate total of approximately $681.1 million in sales of Karuna
equity since Karuna's initial public offering. PureTech will
continue to hold 1,054,464 shares of Karuna common stock, which is
equal to approximately 3.5% of Karuna's outstanding shares as of
August 3, 2022, with a market value of approximately $254.3 million
as of market close on August 8, 2022.
Additionally, as the founder of Karuna and co-inventor of the
KarXT program, PureTech also has a right to royalty payments of 3%
of net sales of any commercialized product as well as 20% of
sublicense income covered by the license agreement. The license
agreement covers the KarXT program in key territories including the
United States, European Union, and Japan. PureTech is also eligible
to receive certain milestone payments upon the achievement of
regulatory approvals.
The Transaction constitutes a class 2 transaction for the
purposes of the UK Financial Conduct Authority's Listing Rules.
About Karuna Therapeutics
Karuna Therapeutics is a clinical-stage biopharmaceutical
company driven to create and deliver transformative medicines for
people living with psychiatric and neurological conditions. For
more information, please visit www.karunatx.com .
About PureTech Health
PureTech is a biotherapeutics company dedicated to discovering,
developing and commercializing highly differentiated medicine and
changing the treatment paradigm for devastating diseases. 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 27
therapeutics and therapeutic candidates, including two that have
received both U.S. FDA clearance and European marketing
authorization, as of the date of PureTech's most recently filed
Annual Report and corresponding Form 6-K. All of the underlying
programs and platforms that resulted in this pipeline of
therapeutic candidates were initially identified or discovered and
then advanced by the PureTech team through key validation points
based on unique insights in immunology and drug development.
For more information, visit www.puretechhealth.com or connect
with us on Twitter @puretechh
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact, including those related to
the Company's intentions as to the use of the proceeds from the
Transaction and those related to royalties and other potential
payments due to the Company, should be considered forward-looking
statements. The forward-looking statements are based on current
expectations and are subject to known and unknown risks,
uncertainties and other important factors that could cause actual
results, performance and achievements to differ materially from
current expectations, including, but not limited to, those risks,
uncertainties and other important factors described under the
caption "Risk Factors" in our Annual Report on Form 20-F for the
year ended December 31, 2021 filed with the SEC and in our other
regulatory filings. 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, we disclaim any obligation to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
PureTech
Public Relations
publicrelations@puretechhealth.com
Investor Relations
IR@puretechhealth.com
EU Media
Ben Atwell, Rob Winder
+44 (0) 20 3727 1000
ben.atwell@FTIconsulting.com
U.S. Media
Nichole Sarkis
+1 774 278 8273
nichole@tenbridgecommunications.com
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