PureTech sells $200 million worth of shares in Karuna
UK clinical-stage biotech PureTech Health (LSE: PRTC) says it has sold 2.1 million shares of its affiliate Karuna Therapeutics (Nasdaq: KRTX) for a cash consideration of around $200 million to Goldman Sachs & Co.
PureTech, which was established in 2016, intends to use the proceeds from the transaction to fund its operations and growth for the foreseeable future and to further expand and advance its clinical stage, wholly owned pipeline.
Shares of Karuna leapt 12.2% to $101.24 in pre-market Nasdaq trading, while PureTech gained nearly 4% when the London market opened but swiftly fell back.
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