PureTech Health Cuts Karuna Therapeutics Stake to 20.4%
January 23 2020 - 3:42AM
Dow Jones News
By Adria Calatayud
PureTech Health PLC (PRTC.LN) said Thursday that it has cut its
stake in Boston-based Karuna Therapeutics Inc. (KRTX) to 20.4%,
raising $200 million in cash.
PureTech, a Boston-based, London-listed biotechnology company,
said it sold 2.1 million Karuna shares to Goldman Sachs Group Inc.
(GS), after which it continues to hold 5.3 million shares in the
Nasdaq-listed company. PureTech continues to have a right to
royalty payments on net sales of any commercialized product covered
by a license granted to Karuna, it said.
PureTech said the sale provides it with additional cash to fund
its growth.
PureTech shares at 0906 GMT were down 1% at 290 pence.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
January 23, 2020 04:27 ET (09:27 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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