PureTech Health (PRTC)

Sector:

Pharma and Biotech

Index:

FTSE 250

214.50p
   
  • Change Today:
    -4.50p
  • 52 Week High: 237.50p
  • 52 Week Low: 140.40p
  • Currency: UK Pounds
  • Shares Issued: 270.81m
  • Volume: 254,914
  • Market Cap: £580.90m

PureTech founder steps down as CEO to lead SeaPort spin-off

By Benjamin Chiou

Date: Tuesday 09 Apr 2024

LONDON (ShareCast) - (Sharecast News) - Clinical-stage biotherapeutics group PureTech has announced that its founding chief executive is to step down to lead SeaPort Therapeutics, a PureTech company she founded that has just raised $100m in Series A financing.
Seaport will be led by Daphne Zohar, who has run PureTech since its foundation in 2005, along Steven Paul, the former CEO of Karuna Therapeutics - the PureTech spin-off that was acquired by Briistol Myers Squibb for $14bn earlier this year.

Seaport was established by PureTech to advance certain neuropsychiatric programs and will be 61.5% owned by the company following the Series A.

PureTech said it has internally advanced Seaport's neuropsychiatric medicines programs "to a key inflection point such that the pipeline can now drive value for PureTech through an equity stake and license consideration". As such, PureTech can now share the costs of later-stage development with outside investors and direct additional resources elsewhere in the business.

This same approach, part of PureTech's 'hub-and-spoke strategy', has resulted in $1.1bn in gross proceeds so far from its stake in Karuna. PureTech still receives royalties from Karuna as well as certain milestone payments.

As part of the transition, Zohar will formally step down from the board but stay on as a senior advisor, while long-term PureTech senior executive and biotech veteran Bharratt Chowrira will succeed her as CEO, effective Tuesday.

Meanwhile, Eric Elenko, a PureTech co-founder and current chief innovation officer, has been promoted to the role of president.

"I am excited to step into the CEO role and to lead PureTech through this next phase of its evolution," Chowrira said.

"We have demonstrated the evergreen success of our hub-and-spoke R&D model of venture creation, where we are able to recycle proceeds from our founded entities into both the funding of our current and future programs to change patients' lives and capital returns for shareholders."

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PRTC Market Data

Currency UK Pounds
Share Price 214.50p
Change Today -4.50p
% Change -2.05 %
52 Week High 237.50p
52 Week Low 140.40p
Volume 254,914
Shares Issued 270.81m
Market Cap £580.90m

PRTC Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
17.97% below the market average17.97% below the market average17.97% below the market average17.97% below the market average17.97% below the market average
45.10% above the sector average45.10% above the sector average45.10% above the sector average45.10% above the sector average45.10% above the sector average
Price Trend
59.44% above the market average59.44% above the market average59.44% above the market average59.44% above the market average59.44% above the market average
92.45% above the sector average92.45% above the sector average92.45% above the sector average92.45% above the sector average92.45% above the sector average
Income Not Available
Growth
66.86% below the market average66.86% below the market average66.86% below the market average66.86% below the market average66.86% below the market average
71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
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PRTC Dividends

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Trades for 18-Jun-2024

Time Volume / Share Price
17:07 1,000 @ 214.50p
16:35 154,158 @ 214.50p
16:35 3,284 @ 214.50p
16:35 23 @ 214.50p
16:35 680 @ 214.50p

PRTC Key Personnel

CEO Bharatt Chowrira

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