PureTech Health plc - PRTC STOCK NEWS

PureTech Health (Nasdaq: PRTC, LSE: PRTC), a clinical-stage biotherapeutics company, has completed its Tender Offer announced on May 20, 2024. The company returned $100 million to shareholders through this offer. Jefferies International purchased 31,540,670 Ordinary Shares, including ADSs, at 250 pence per share. These shares were later acquired by PureTech and will be canceled. Settlement for the shares will be done via cheques or CREST payments by July 3, 2024. Following the share cancellation, PureTech's total voting rights amount to 239,318,580 Ordinary Shares.

PureTech Health (Nasdaq: PRTC, LSE: PRTC) announced the results of its Tender Offer for up to 33,500,000 of its Ordinary Shares, including those represented by ADSs, at a fixed price of 250 pence per share. The Tender Offer was oversubscribed, with valid tenders received for 172,408,704 shares. Consequently, tenders will be scaled down proportionally. The company will purchase 31,540,670 shares for $100 million, representing approximately 12% of its issued share capital, which will be reduced from 270,859,250 to 239,318,580 shares. Payment to shareholders will be processed by July 3, 2024. Following the repurchase, the shares will be canceled, impacting the company's total voting rights.

PureTech has announced that Raju Kucherlapati, PhD, a distinguished Professor of Medicine at Harvard Medical School, has been appointed as the permanent Chair of its Board of Directors, effective immediately. Dr. Kucherlapati, who has been a board member since 2014, previously served as interim Chair since June 2023. He also chairs the Board’s Nomination Committee and is a member of the Audit and Remuneration Committees. PureTech’s CEO, Bharatt Chowrira, praised Dr. Kucherlapati’s leadership and expertise, emphasizing his role in the company’s innovation and success. The company is currently seeking to expand its independent Board membership and will provide updates in due course.

Seaport Therapeutics, a PureTech founded entity, has appointed Dr. Antony Loebel and Lana Gladstein to key executive roles. Dr. Loebel, a CNS drug development expert and former CEO and CMO of Sunovion Pharmaceuticals, takes on the role of Chief Medical Officer and President of Clinical Development. He brings extensive experience, having led the development and commercialization of several CNS drugs, including LATUDA®, APTIOM®, and KYNMOBI®. Lana Gladstein joins as General Counsel, bringing over two decades of legal expertise, including corporate governance and intellectual property. She has held top legal positions in multiple companies, contributing to significant M&A transactions.

PureTech Health held its Annual General Meeting on June 13, 2024, where all proposed resolutions were passed. Shareholders approved the Annual Report, Directors' Remuneration Report, and Policy, among other items. Notably, over 20% of votes opposed resolutions related to director remuneration and amendments to the Performance Share Plan. All directors were elected, and PricewaterhouseCoopers LLP was reappointed as Auditors. The meeting also authorized the allotment of shares, disapplication of pre-emption rights, and market purchase of own shares. The company plans to engage further with shareholders to address opposition concerns.

PureTech Health (Nasdaq: PRTC, LSE: PRTC) has announced the successful passage of a Special Resolution at the General Meeting held on June 5, 2024. This resolution approves a tender offer to acquire approximately 33.5 million ordinary shares at 250 pence per share. The resolution was overwhelmingly supported with 99.94% votes in favor and only 0.06% against. The latest date for shareholders to submit their tender forms is June 20, 2024, with results to be announced on June 24, 2024. The meeting was conducted both in-person and via proxy at the company's Boston office. The acquisition terms and other details are available in the Circular dated May 20, 2024, which is accessible on the company's website and the SEC's website.

PureTech Health (Nasdaq: PRTC) announced that its founded entity, Akili Interactive (Nasdaq: AKLI), signed a definitive merger agreement with Virtual Therapeutics. The merger aims to create a leading digital health company focused on mental health solutions using immersive games. Akili shareholders will receive $0.4340 per share, representing a 4% premium to Akili's closing stock price on May 28, 2024, and an 85% premium to the closing price on April 29, 2024. The combined entity will operate as Virtual Therapeutics, with Akili as a wholly owned subsidiary. The merger is expected to close in Q3 2024, subject to certain conditions.

PureTech Health (Nasdaq: PRTC, LSE: PRTC), a clinical-stage biotherapeutics company, will present at the Jefferies Global Healthcare Conference on June 6, 2024. The event will feature a fireside chat with CEO Bharatt Chowrira and Co-founder Eric Elenko at 10:00am EDT / 3:00pm BST. A webcast of the presentation will be available on the PureTech Health investor website.

PureTech Health announced that Vedanta Biosciences has dosed the first patient in the global Phase 3 RESTORATiVE303 clinical study of VE303. This orally administered, live biotherapeutic candidate aims to prevent recurrent Clostridioides difficile infections (rCDI). The trial will evaluate VE303's efficacy and safety, laying the groundwork for a Biologics License Application to the FDA. Earlier Phase 2 results showed VE303 reduced CDI recurrence by 30.5%, indicating over an 80% reduction in recurrence odds. This pivotal study addresses a significant medical need, targeting a condition that affects up to 175,000 patients and causes around 20,000 deaths annually in the U.S.