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PureTech Health lowers stake in founded entity
26th May 2020 08:51
(Sharecast News) - Clinical stage biotechnology company PureTech Health said on Tuesday that it had received $45m from the sale of 555,500 shares of its founded entity Karuna Therapeutics.
Following the transaction, PureTech will continue to hold 4.73m shares in Karuna, equal to 18.1% of the group, and has a right to royalty payments on net sales of any commercialised product covered by a license granted by PureTech to Karuna.
The FTSE 250-listed group intends to use the proceeds from the transaction to fund its growth potential.
PureTech has generated over $255m in the past six months from the combined sales of minority portions of founded entity shares.
As of 0850 BST, PureTech shares were up 1.42% at 252.03p.
Following the transaction, PureTech will continue to hold 4.73m shares in Karuna, equal to 18.1% of the group, and has a right to royalty payments on net sales of any commercialised product covered by a license granted by PureTech to Karuna.
The FTSE 250-listed group intends to use the proceeds from the transaction to fund its growth potential.
PureTech has generated over $255m in the past six months from the combined sales of minority portions of founded entity shares.
As of 0850 BST, PureTech shares were up 1.42% at 252.03p.