PureTech sells shares in Karuna affiliate for $200m
Updated : 15:17
Clinical stage biotech company PureTech Health said it had sold 2.1m shares of its affiliate Karuna Therapeutics for $200m.
PureTech Health said it intended to use the cash to fund operations and advance its clinical stage, wholly-owned pipeline.
The company on Thursday said it would still hold a 20.4% stake in Karuna's and a right to royalty payments on net sales of any commercialised product covered by a license granted by PureTech to Karuna.