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Clinical stage biotech company, PureTech Health, has announced it has sold 2.1 million shares of its affiliate, Karuna Therapeutics.
The cash sale has generated approximately $200 million which PureTech Health intends to use to fund its operations and growth for the foreseeable future and to further expand and advance its clinical stage, wholly owned pipeline.
Following the Transaction, PureTech continues to hold 5,295,397 shares of Karuna common stock, which is equal to 20.4% of Karuna's outstanding shares, and has a right to royalty payments on net sales of any commercialised product covered by a license granted by PureTech to Karuna.
The Transaction constitutes a class 2 transaction for the purposes of the UK Financial Conduct Authority's Listing Rules.