PureTech Health plc (LON:PRTC), a clinical stage biotechnology company dedicated to discovering, developing and commercialising highly differentiated medicines for devastating diseases, today announced that it has sold 555,500 shares of its Founded Entity Karuna Therapeutics (NASDAQ:KRTX) through on-market transactions for a cash consideration of approximately $45 million.
Following the Transaction, PureTech continues to hold 4,739,897 shares of Karuna common stock, which is equal to 18.1% of Karuna’s outstanding shares, and has a right to royalty payments on net sales of any commercialised product covered by a license granted by PureTech to Karuna. PureTech has generated over $255 million in the past six months from the combined sales of minority portions of Founded Entity shares. PureTech intends to use the proceeds from the Transaction to fund its growth potential.
The Transaction constitutes a class 2 transaction for the purposes of the UK Financial Conduct Authority’s Listing Rules.
Karuna is a clinical-stage biopharmaceutical company committed to developing and delivering first-in-class therapies with the potential to transform the lives of people with CNS disorders – which remain among the most disabling and potentially fatal disorders worldwide. Galvanized by the understanding that today’s neuropsychiatric and pain management patients deserve better, Karuna’s mission is to harness the untapped potential of the brain’s complex biology in pursuit of novel therapeutic pathways that will advance the standard of care. For more information, please visit karunatx.com.
PureTech Health is a clinical-stage biotherapeutics company dedicated to discovering, developing and commercialising highly differentiated medicines for devastating diseases, including intractable cancers, lymphatic and gastrointestinal diseases, central nervous system disorders and inflammatory and immunological diseases, among others.