London Stock Exchange welcomes PureTech Health plc to the Main Market and to premium listing
PureTech, a science-driven healthcare company seeking to solve some of the toughest health challenges in disruptive ways, today commenced trading of its primary listed ordinary shares on the Main Market of the London Stock Exchange under the ticker PRTC.
PureTech’s IPO raised $171 million (£108 million) in total at the Offer Price of 160 pence per Offer Share, giving the Company a market capitalisation of $574.8 million (£363.6 million) on Admission. PureTech intends to use the net proceeds of the Offer, together with a proportion of its existing cash resources, to drive its product candidates towards commercialisation and launch; invest in the development of new high impact product candidates; continue to operate the Group's corporate platform; and retain flexibility to respond to other funding requirements as they arise.
PureTech generates innovative ideas, rigorously tests them, and builds businesses around disruptive solutions with the aim to address significant unmet healthcare needs. The Company has a proactive, theme-driven approach to creating innovative healthcare solutions, typically rooted in academic research, together with a cross-disciplinary and creative group of leading experts. PureTech currently has 12 operating companies which are actively developing product candidates designed to address significant markets in healthcare.
Daphne Zohar, Chief Executive Officer of PureTech, said:
"We are delighted with the reception of PureTech’s initial public offering and strong institutional support for PureTech’s business model. The $171 million (£108 million) proceeds of the fundraising will help PureTech bring our most advanced product candidates towards commercialisation and launch. We would like to thank this broad group of investors for supporting our listing and sharing our vision."
Jefferies International Limited acted as Global Coordinator, Sole Sponsor and Joint Bookrunner in relation to the Offer and Peel Hunt LLP acted as Joint Bookrunner. FTI Consulting acted as financial public relations adviser to the Company.