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PureTech Health gets $100m from Sale of Karuna Therapeutics Shares

Updated: 10 Nov 2021

Biotherapeutics company PureTech Health (LON: PRTC) announced Wednesday that it has received £100 million through the sale of 750,000 shares of its founded entity, Karuna Therapeutics.

The company sold the shares through a block trade executed by Morgan Stanley.

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PureTech intends to use the money raised to “further the advancement and growth of the company and will update its cash runway guidance in due course.”

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The FTSE 250 constituent said it continues to hold 1.65 million shares of Karuna common stock, which is equal to approximately 5.6% of Karuna's outstanding shares. 

The company is also eligible to obtain certain payments from Karuna under its license agreement, including sublicense payments and royalties on any sales of KarXT, Karuna's proprietary product.

PureTech shares are down 1.7% at 347p at the time of writing.

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