Business
PRTC Receives $100M from Founded Entity Shares
PRTC Receives $100M from Founded Entity Shares.
About this update from Puretech Health Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8707R\n PureTech Health PLC\n 10 November 2021\n \n \n \n 10 November 2021\n \n \n PureTech Health plc\n \n \n \n \n \n PureTech Receives Approximately $100 Million from Sale of a Portion of Founded Entity Shares\n \n \n \n \n \n \n PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) (\"PureTech\" or the \"Company\"), a clinical-stage biotherapeutics company, today announces that it has sold 750,000 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 $100 million (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 due course.\n \n Following the Transaction, PureTech continues to hold 1,656,564 of Karuna common stock, which is equal to approximately 5.6% of Karuna's outstanding shares as of September 30, 2021. PureTech is eligible to receive certain payments from Karuna under its license agreement, including sublicense payments and royalties on any sales of KarXT.\n \n \n The Transaction constitutes a class 2 transaction for the purposes of the UK Financial Conduct Authority's Listing Rules. \n \n \n \n \n \n About Karuna Therapeutics\n \n \n 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 \n \n \n www.karunatx.com\n \n \n .\n \n \n \n \n \n About PureTech Health\n \n \n PureTech is a clinical-stage biotherapeutics company dedicated to discovering, developing and commercializing highly differentiated medicines for devastating diseases, including inflammatory, fibrotic and immunological conditions, intractable cancers, lymphatic and gastr...