PureTech Health lowers stake in founded entity

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.