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(Sharecast News) - PureTech Health on Wednesday acquired the remaining 10% of Ariya Therapeutics, with the now wholly-owned subsidiary set to be renamed as PureTech LYT.
Ariya holds four technology platforms in immuno-oncology, synthetic lymphatic targeting chemistry, milk exosomes, and meningeal lymphatics, with the newly acquired minority interests having previously been held by the co-inventors of these platforms and associated universities and advisors.
The FTSE 250-listed company said the acquisition is consistent with its strategy to advance a wholly-owned internal pipeline targeting the lymphatic system and related immunological mechanisms.
In order to fund the acquisition, PureTech plans to issue 2,126,338 new ordinary shares of 1p each and grant options to the co-inventors of and advisors to the four platforms to purchase 2,147,295 ordinary shares under the PureTech Health performance share plan.
Daphne Zohar, founder and chief executive of PureTech said: "As we advance our internal pipeline, we believe it is important that the co-inventors of our core technology platforms have an aligned interest in the long-term growth of PureTech. We are pleased with the rapid progress across our internal pipeline since it was first announced just over a year ago."
PureTech shares were down 3.92% at 245.00p at 0914 BST.
5 May 2016 08:58
