Business
PRTC's Gelesis to Become Public Via Capstar SPAC
PRTC's Gelesis to Become Public Via Capstar SPAC.
About this update from Puretech Health Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6869F\n PureTech Health PLC\n 19 July 2021\n \n \n \n \n 19 July 2021\n \n \n PureTech Health plc\n \n \n \n \n \n \n PureTech Founded Entity \n \n \n Gelesis, \n \n \n the Maker of Plenity®, to Become a Publicly Traded Company via Merger with Capstar Special Purpose Acquisition Corp.\n \n \n \n \n \n \n Public listing of Gelesis, along with Karuna Therapeutics (Nasdaq: KRTX) and Vor Biopharma (Nasdaq: VOR), five other private Founded Entities and advanced Wholly Owned Pipeline, further exemplifies the success of PureTech's unique value-generating model for developing new medicines\n \n \n \n \n \n At Closing, Gelesis is expected to have a pro forma implied market value of approximately $1.3 billion to support full commercial launch of Plenity® for weight management and further expand manufacturing capacity to meet demand\n \n \n \n Transaction is expected to provide Gelesis with up to $376 million of gross proceeds, including \n \n \n $100\n \n \n million PIPE anchored by new and existing top tier investors and partners\n \n \n \n \n \n \n PureTech Health plc\n (Nasdaq: PRTC, LSE: PRTC) (\"PureTech\" or the \"Company\"), a clinical-stage biotherapeutics company announces that its Founded Entity, Gelesis, Inc. (\"Gelesis\") \n and Capstar Special Purpose Acquisition Corp. (NYSE: CPSR) (\"Capstar\"), have entered into a definitive business combination agreement. Upon completion of the transaction, the combined company's securities are expected to be traded on the New York Stock Exchange (NYSE) under the symbol \"GLS.\"\n \n \n \n \n \n \"Upon completion of the transaction, Gelesis will be PureTech's third publicly-traded Founded Entity. Based on the expected valuation, Gelesis, along with Karuna and Vor, will have a combined value of over $5.4 billion,\" said Eric Elenko, Chief Innovation Officer at PureTech. \"This is just another example of the unique and multi-pronged model PureTech has created to advance meaningful treatments for patients and drive future growth. We are very pleased with the progress that has been made towards the broad commercial launch of Plenity later this year and that Gelesis has the resources to meet the increasing demand.\" \n \n \n \n \n \n Gelesis and Capstar will host a joint investor conference call to discuss the transa...