3rd Jul 2019 12:48
(Alliance News) - PureTech Health PLC said Wednesday that affiliate Karuna Therapeutics Inc has raised USD102.6 million in its initial public offering on the Nasdaq Global Market.
PureTech Health develops novel medicines for dysfunctions of the Brain-Immune Gut axis, while Karuna Therapeutics develops therapies to address disabling neuropsychiatric conditions.
In the IPO, 6.4 million shares were offered at a price of USD16.00 per share, and include the full exercise of the underwriters' option to buy 836,718 shares.
Goldman Sachs & Co LLC and Citigroup acted as joint book-running managers for the offering, while Wells Fargo Securities acted as book-managers, and Wedbush PacGrow acted as co-manager.
Following the IPO, PureTech now holds 7.4 million shares in Karuna, reflecting a 32% interest.
Shares in PureTech Health remained flat at 228.00 pence on Wednesday.
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