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PureTech Health plans $100M placement to fund drug pipeline development

PureTech Health plc is looking to raise up to $100 million in gross proceeds in a placement of its new ordinary shares.

The Boston-based clinical-stage biopharmaceutical will issue about 47,444,194 new ordinary shares via an accelerated bookbuilding process.

PureTech intends to use the net proceeds, together with its existing cash balances, to fund the advancement of its growth-stage affiliates focused on the brain-immune-gut axis as well as its internally funded immune focused programs.

A portion of the proceeds is also allocated for the development of new product candidates and for PureTech's corporate activities until 2021.

The shares are expected to be admitted on the London Stock Exchange on April 4, subject to the approval of PureTech's shareholders.

Jefferies International Ltd. is acting as sponsor, corporate broker and, along with Peel Hunt LLP, as joint book runner.