PureTech Receives Approximately $118 Million from Sale of Portion of Founded Entity Shares
10 February 2021 - 6:00PM
Business Wire
PureTech Health plc (LSE: PRTC, Nasdaq: PRTC) (“PureTech” or the
“Company”), a clinical-stage biotherapeutics company dedicated to
discovering, developing and commercializing highly differentiated
medicines for devastating diseases, announced that it has sold 1
million shares of its Founded Entity, Karuna Therapeutics
(“Karuna,” Nasdaq: KRTX), through a block trade executed by Morgan
Stanley & Co. LLC for cash consideration of approximately $118
million (the “Transaction”). PureTech intends to use the proceeds
from the Transaction to further expand and advance its
clinical-stage Wholly Owned Pipeline. PureTech intends to update
financial guidance in connection with the issuance of its 2020
Annual Report and Accounts later this year.
Following the Transaction, PureTech continues to hold 2,406,564
shares of Karuna common stock, which is equal to approximately 9.0%
of Karuna’s outstanding shares as of October 31, 2020. PureTech
also has a right to royalty payments on net sales of any
commercialized product covered by a license granted by PureTech to
Karuna.
The Transaction was conducted pursuant to the authority granted
by the Company’s shareholders announced by the Company on August
26, 2020.
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. Karuna
understands there is a need for differentiated and more effective
treatments that can help patients navigate the challenges presented
by these severe and disabling disorders. Utilizing its extensive
knowledge of neuroscience, Karuna is harnessing the untapped
potential of the brain in pursuit of novel pathways to develop
medicines that make meaningful differences in peoples’ lives. For
more information, please visit www.karunatx.com.
About PureTech Health
PureTech is a clinical-stage biotherapeutics company dedicated
to discovering, developing and commercializing 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,
as of the date of PureTech’s most recently filed Registration
Statement on Form 20-F, was comprised of 24 products and product
candidates, including two that have received FDA clearance and
European marketing authorization. All of the underlying programs
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.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are or may be
forward-looking statements, including statements that relate to the
company's future prospects, developments, future plans, planned use
of proceeds 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 PureTech
Health plc’s registration statement on Form 20-F, declared
effective by the Securities and Exchange Commission on November 12,
2020 and other 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210209006296/en/
Investors
Allison Mead Talbot +1 617 651 3156 amt@puretechhealth.com
U.S. media
Stephanie Simon +1 617 581 9333
stephanie@tenbridgecommunications.com
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