DJ PureTech Health Cuts Karuna Therapeutics Stake to 20.4%
By Adria Calatayud
PureTech Health PLC (PRTC.LN) said Thursday that it has cut its stake in Boston-based Karuna Therapeutics Inc. (KRTX) to 20.4%, raising $200 million in cash.
PureTech, a Boston-based, London-listed biotechnology company, said it sold 2.1 million Karuna shares to Goldman Sachs Group Inc. (GS), after which it continues to hold 5.3 million shares in the Nasdaq-listed company. PureTech continues to have a right to royalty payments on net sales of any commercialized product covered by a license granted to Karuna, it said.
PureTech said the sale provides it with additional cash to fund its growth.
PureTech shares at 0906 GMT were down 1% at 290 pence.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
January 23, 2020 04:12 ET (09:12 GMT)
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