PureTech looks to raise $160m with London listing

US-based PureTech Health hopes to raise $160m in a London listing, in efforts to fund extended product development.

While the planned initial public offering on the London Stock Exchange is not due until June, the move is testimony to growing confidence in the British life sciences sector.

PureTech specialises in building early-stage science and technology portfolios, typically from academia, before developing the ideas into commercially viable business in the healthcare sector.

"With the acceleration of scientific discovery and the convergence of new and disruptive technologies being applied to life sciences, we believe the healthcare industry is on the cusp of a major transformation," said chief executive Daphne Zohar.

PureTech's board includes former Sanofi chief executive Chris Viehbacher, Pearson's one-time chief executive Marjorie Scardino and John LaMattina, a past research head at Pfizer.

PureTech's currently has a 76% average shareholding in its 12 technology-developing companies, and is looking to maintain a higher level of ownership. It has already raised $250m in private fundraising.

Earlier this month, California-based biotech firm Verseon raised $100m in a similar move to London.