PureTech Health
PRTC · Main Market · Health Care · mcap £262m · 111.0p
PureTech founds and part-owns biotech companies, developing some programmes itself before spinning them into separate 'Founded Entities' funded by outside investors. It earns returns through equity stakes, milestones and royalties.
The case for
- Karuna returned about $1.1bn in cash from an $18.5m original investment, showing the model can pay off. 18 Mar 2024 27 Sep 2024
- Deupirfenidone slowed lung function decline sharply versus placebo and FDA agreed the Phase 3 design. 16 Dec 2024 8 Dec 2025
- Celea's $180m financing leaves PureTech with 35.4%, potential milestones up to $190m and runway through 2028. 2 Jul 2026
- LYT-200 showed complete response rates above 30% in relapsed AML and has Fast Track status. 3 Nov 2025 21 Sep 2026
The case against
- PureTech-level cash fell from $400m in mid-2024 to $220m in mid-2026. 28 Aug 2024 22 Sep 2026
- Vedanta's VE202 failed its primary endpoint, and PureTech's holding in Vedanta is small. 13 Aug 2025
- Phase 3 data for deupirfenidone are not expected until 2029, and the trial must beat pirfenidone head-to-head. 13 Jul 2026
- Shareholders have voted against pay and director items, and the Chair and CEO left in 2025. 28 Aug 2024 10 Dec 2025 8 Jul 2025 16 Jul 2025
Both sides use only facts from the company's announcements · not investment advice
Company filings. Not investment advice.