PureTech Health PLC PureTech Receives $200M from KRTX Shares (6675A)
23 Enero 2020 - 1:00AM
UK Regulatory
TIDMPRTC
RNS Number : 6675A
PureTech Health PLC
23 January 2020
23 January 2020
PureTech Health plc
PureTech Receives $200 Million from Sale of a Minority Portion
of Affiliate 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 2.1 million
shares of its affiliate Karuna Therapeutics ("Karuna," Nasdaq:
KRTX) for a cash consideration of approximately $200 million to
Goldman Sachs & Co. LLC (the "Transaction"). PureTech intends
to use the proceeds from the Transaction to fund its operations and
growth for the foreseeable future and to further expand and advance
its clinical stage, wholly owned pipeline.
Following the Transaction, PureTech continues to hold 5,295,397
shares of Karuna common stock, which is equal to 20.4% 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.
Daphne Zohar, founder and chief executive officer of PureTech
said:
"As a founder of Karuna and co-inventor of the KarXT program, we
are delighted to continue to be a major shareholder of Karuna going
forward. With multiple efficacy studies validating both xanomeline
and KarXT, Karuna is well-positioned to be a major player in the
neuropsychiatry field. We are particularly enthusiastic about the
potential for patients to have a new and differentiated treatment
option for schizophrenia and related diseases. This is an area that
- despite a large market where branded therapies have been
blockbuster products - has been lacking innovation for decades. We
have a high degree of confidence in the team, who have an
impressive track record, to unlock the full potential of the growth
opportunities that may be available to them.
"This sale of a minority of our holdings in Karuna provides us
with additional cash resources to fund our operational growth,
including our rapidly growing wholly owned pipeline, for the
foreseeable future. We believe that this realisation of value
provides additional validation of PureTech's overall business
strategy."
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 biotechnology 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 affiliates, 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 Tom Donovan
+1 617 651 3156 +44 (0) 20 3727 1000 +1 857 559 3397
amt@puretechhealth.com ben.atwell@FTIconsulting.com tom@tenbridgecommunications.com
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END
DISEAFFDAEDEEEA
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January 23, 2020 02:00 ET (07:00 GMT)
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