16th Jul 2025 11:43
(Alliance News) - PureTech Health PLC on Wednesday said Bharatt Chowrira has stepped down immediately as chief executive officer, just a week after Raju Kucherlapati left as chair.
The Boston, Massachusetts-based biotechnology company focused on developing therapies for serious diseases appointed Chief Portfolio Officer Robert Lyne as interim CEO.
He was previously CEO of Arix Bioscience PLC before joining PureTech. "PureTech has a high-value portfolio, and I look forward to building on the momentum we've generated as we advance our programmes and deliver on meaningful milestones to create value for patients and shareholders," Lyne said.
Last week Tuesday, PureTech had announced that Raju Kucherlapati stepped down immediately as chair and was replaced by Sharon Barber-Lui, who will be interim chair and also lead the process for finding a new permanent chair.
PureTech Health shares were up 4.4% to 139.20 pence each on Wednesday morning in London.
In late June, the company had announced that its autoimmune disease-focused founded entity Vore Bio had entered an exclusive license agreement with RemeGen Co Ltd.
The deal grants Vor Bio global rights, excluding China, Hong Kong, Macau and Taiwan, to develop and commercialise telitacicept.
Telitacicept is a novel dual-target fusion protein which has regulatory approval in China to treat generalised myasthenia gravis, systemic lupus erythematosus, and rheumatoid arthritis.
Vor Bio will pay RemeGen some USD125 million initially, consisting of USD45 million upfront plus USD80 million in warrants to purchase common stock with a 0.01 US cent per share exercise price.
The deal also provides for tiered royalties and potential regulatory and commercial milestones exceeding USD4 billion.
Further, Vor expects to raise approximately USD175 million gross through a private placement in public equity financing of pre-funded warrants.
It intends to use the net proceeds to advance the development of its clinical pipeline.
By Tom Budszus, Alliance News slot editor
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