Puretech Health Stock Price, News & Analysis

PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) has announced the appointment of Michele Holcomb, PhD, to its board of directors as an independent non-executive director, effective September 23, 2024. Dr. Holcomb brings over 30 years of experience in global healthcare, having held notable positions at Cardinal Health, Teva Pharmaceuticals, and McKinsey & Company. Her expertise in leading transformational growth initiatives and driving organizational progress is expected to complement PureTech's board leadership as the company enters its next phase of growth.

Dr. Holcomb will join the Audit Committee, while Dr. Raju Kucherlapati, Chair of the PureTech Board, will step down from this committee. The appointment is seen as strategic for PureTech's focus on innovating and progressing major advances for patients, leveraging Dr. Holcomb's broad biopharma experience to deliver on the company's commitment to developing innovative medicines and building shareholder value.

PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) has announced plans to release its half-yearly results for the six months ended June 30, 2024, on Wednesday, August 28, 2024. The company will host a presentation and conference call for analysts and shareholders at 9:00am EDT / 2:00pm BST on the same day. Interested parties can access a webcast of the presentation on PureTech's investor relations website. This announcement provides investors and analysts with a scheduled opportunity to review PureTech's financial performance and operational progress for the first half of 2024.

PureTech Health (Nasdaq: PRTC, LSE: PRTC) announced that its Founded Entity, Seaport Therapeutics, has appointed David Wheadon, M.D., to its Board of Directors. Dr. Wheadon brings over 30 years of experience in regulatory affairs, clinical strategy, and global health policy from major pharmaceutical companies.

Dr. Wheadon most recently served as Senior Vice President of Global Regulatory Affairs, Patient Safety and Quality Assurance at AstraZeneca. He has also held leadership positions at PhRMA, Juvenile Diabetes Research Foundation, Abbott, GlaxoSmithKline, and Eli Lilly. His expertise is expected to benefit Seaport as they advance their clinical-stage pipeline of therapeutics for depression, anxiety, and other neuropsychiatric disorders.

PureTech's Founded Entity, Vedanta Biosciences, has expanded its leadership team with three key appointments. Christof Marré joins as SVP and Head of Commercial, bringing nearly 30 years of biopharma marketing experience. Dr. Steven Shiff becomes SVP of Clinical Research, leveraging his expertise as a gastroenterologist and clinical executive. Jack Kyte is promoted to SVP of Human Resources.

These appointments support Vedanta's ongoing Phase 2 COLLECTiVE202 trial of VE202 for ulcerative colitis and the pivotal Phase 3 RESTORATiVE303 trial of VE303 for C. difficile infection. The expanded leadership team will also focus on planning for commercial stage activities, signaling Vedanta's preparation for potential market entry.

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.