FX.co ★ PureTech Health Sets $100 Mln Capital Return To Shareholders

PureTech Health PLC (PRTC), a clinical-stage biotherapeutics company, announced Monday the initiation of its $100 million tender offer as part of its capital return initiative to shareholders.

The company seeks to purchase up to 33.5 million shares, including American Depository Shares (ADSs), representing approximately 12 percent of PureTech's issued share capital as of May 16, 2024. The offer price is set at 250 pence per share or £25 per ADS.

This tender price reflects a 25 percent premium over PureTech's trailing volume-weighted average price per share for the three days preceding March 19, 2024, when the proposal was initially disclosed.

Should the company be unable to return the entire $100 million through the tender offer, and if there is a sufficient surplus, it plans to distribute the remaining amount as a special dividend.

The tender offer will conclude on June 20, 2024, for the company's ordinary shares and on June 18, 2024, for ADSs.