PureTech to buy back up to $50m of shares

5th May 2022 10:09

(Sharecast News) - PureTech Health has announced a $50m share buyback programme, sending shares in the FTSE 250 biotech sharply higher.

The clinical-stage biotherapeutics company, which is also listed on Nasdaq, said the board had approved the programme at 1p per share up to a maximum of $50m.

It added that the decision had been taken following consultation with shareholders, and was consistent with its capital allocation strategy. PureTech currently has consolidated cash and cash equivalents of $465.7m and $413.2m as at 31 December 2021.

PureTech is developing medicines for a broad range of diseases, including immunological conditions and intractable cancers. Its pipeline currently consists of 27 therapeutics and therapeutic candidates, 13 of which are in clinical trials while two have been cleared for marketing by the US Food and Drug Administration.

As at 1000 BST, shares in the group were trading 11% higher at 186.84p in London