PureTech sells further $118 million of Karuna shares

10 February 2021

UK clinical-stage biotech PureTech Health (LSE: PRTC) announced that it has sold 1 million shares of its founded entity, Karuna Therapeutics (Nasdaq: KRTX), through a block trade executed by Morgan Stanley & Co for cash consideration of around $118 million.

Karuna’s shares edged up 2.2% to $118.00 in pre-market trading this morning, while PureTech was virtually unchanged.

PureTech intends to use the proceeds from the transaction to further expand and advance its clinical-stage wholly-owned pipeline. PureTech intends to update financial guidance in connection with the issuance of its 2020 Annual Report and Accounts later this year.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK