2nd Oct 2019 17:35
(Alliance News) - PureTech Health PLC on Wednesday said it has acquired the remaining 10% minority stake in Ariya Therapeutics Inc, making Ariya into a wholly owned subsidiary and renaming it PureTech LYT Inc.
Shares in PureTech closed down 5.5% at 241.00 pence in London.
PureTech LYT holds PureTech's four technology platforms within "immuno-oncology, synthetic lymphatic targeting chemistry, milk exosomes, and meningeal lymphatics".
Biotechnology firm PureTech will issue 2.2 million new shares and grant options to purchase 2.1 million shares as consideration.
PureTech Chief Executive Daphne Zohar said: "As we advance our internal pipeline, we believe it is important that the co-inventors of our core technology platforms have an aligned interest in the long-term growth of PureTech. We are pleased with the rapid progress across our internal pipeline since it was first announced just over a year ago. It has also attracted two pharma partnerships, which provide non-dilutive funding that allows us to advance the platforms while retaining the freedom to independently develop the underlying technologies for a broad range of applications. We believe that the combination of our leadership in lymphatics and related immunology coupled with the value from our affiliates and non-dilutive partnerships provide us with a unique and multi-pronged engine to fuel future growth."
By Anna Farley; [email protected]
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