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Ratio is 10 , so we will be north of £2 wed
Type
#2.01 should have read NASDAQ (equiv) share price of £2.01
$25.50 x 0.79 =£20.14
So if 10 UK shares to 1 ADR then NASDAQ share price of #2.01
Pound to dollar is .79 so 25.50 x .79 = £2.01
...although I'm hoping you're going to say 10 ;-)
(Where can you find out ADR ratio by the way without digging back into ancient history?)
What's the ADR ratio? Finished $25.50 up 33.93% on NASDAQ (which is open Boxing Day by the way) so I'm guessing 12?
Dallo and CB
this is very interesting so just to check
current cash about £250m
sale assuming Karuna stake of 2.4% generates £250 m , so likely cash position will be £500m end of this year.
Royalties to come on milestones ? £250m , can you confirm
royalties above sales of $2b could hit $80m pa £60m
so current market cap £500m equal to cash position assuming Karuna stake sold
this is insane .
I have looked again at the Bristol Meyers deal with Karuna and its implications for Puretech.
The benefits to Puretech are far beyond the headline news namely proceeds from shareholding of 2.4% in Karuna of $336m plus Royalty Pharma of c$400m plus $8M on FDA approval ( now certain) plus 2% of all royalties above $ 2billion sales where analysts are forecasting revenues for Bristol Meyers /Karuna of over $4billion giving Puretech additional annual royalty receipts of c$40 m per annum .
Rumours suggest Bristol Meyers will do a deal to clean up the royalties issue with Royalty Pharma and Puretech with a once off payment.
Also not unsurprisingly other rumours on Wall Street are saying a bid for Puretech is now a possibility given the accelerating consolidation in the Pharma sector which is coming back to life in a big way.
Great days ahead
Happy Christmas
ADR closes above £2 happy Xmas to all shareholders
Indeed, Nasdaq has woken up since the press release by Puretech 😊
Mr A
Nasdaq Puretech price now c$25 up 35%
PureTech Health PLC
NASDAQ: PRTC
OverviewFinancialsCompare
22.70 USD +4.07 (21.85%)today
22 Dec, 10:01 GMT-5 • Disclaimer
22.70 USD 10:01
ok thanks for the update
got back in this morning
will do the roller coaster again
this share has been good to me
****
PRTC RNS now out of course
Nasdaq seems quiet
https://www.lse.co.uk/rns/PRTC/bmy-acquires-prtc-founded-entity-karuna-for-14b-0arqgtbin2zlv76.html
A
The censor knocked out the first part of your name??
I urge everyone to read the current update as it is the best and most investor focused corporate communication issued by Puretech to date.
****nal
if you read the update of 2 days ago you will see that $32m of karuna shares were sold by puretech since the 12 october via on market transactions leaving puretech with 2.4% as at the 19 december 2023.
i trust that clarifies matters.
PureTech retains its 3.1% equity ownership in Karuna.1 Additionally
Receive a 3% royalty from Karuna to Royalty Pharma on sales up to $2 billion annually, after which threshold Royalty Pharma will receive 33% and PureTech will retain 67% of the royalty payments. PureTech retains its 3.1% equity ownership in Karuna.1 Additionally, under its license agreement with Karuna, PureTech retains the right to receive milestone payments upon the achievement of certain regulatory approvals and 20% of sublicense income.
KarXT was invented by a team at PureTech, including its Chief Innovation Officer, Eric Elenko, Ph.D., who served as the founding CEO of Karuna Therapeutics. KarXT is an oral, investigational M1/M4-preferring muscarinic agonist in development for the treatment of psychiatric and neurological conditions, including schizophrenia as a monotherapy and adjunctive therapy and psychosis in Alzheimer’s disease. Karuna has announced that it plans to submit a New Drug Application for KarXT in schizophrenia to the U.S. Food and Drug Administration (FDA) in mid-2023.
Sills Cummis & Gross P.C., acted as legal advisors to PureTech and Gibson, Dunn & Crutcher, LLP, Jones Day and Maiwald GmbH acted as legal advisors to Royalty Pharma.
About PureTech’s Wholly Owned Pipeline
In addition to the excellent progress across its Founded Entities, PureTech’s Wholly Owned Pipeline is rapidly advancing, and the Company’s operational runway, including its $341.4 million Cash and Cash Equivalents as of June 30, 2022, not including this transaction, is expected to support this growth into the first quarter of 2026. PureTech’s pipeline is comprised of six therapeutic candidates, four of which are currently clinical stage, including one partnered program. These candidates are centered on a strategy of leveraging validated biology to rapidly advance therapeutics with proven efficacy. Several upcoming milestones are anticipated for these candidates, including the following:
LYT-100 (deupirfenidone) is in development for the potential treatment of conditions involving inflammation and fibrosis, including idiopathic fibrosis (IPF), for which current standards of care are associated with significant tolerability issues, resulting in approximately three out of four patients in the U.S. foregoing treatment with these otherwise efficacious medicines.2 LYT-100 is a deuterated form of one of the two standard of care treatments, pirfenidone, which has proven efficacy and has been shown to improve survival in these patients by approximately three years, but its side effects cause patients to discontinue or dose reduce, thereby limiting its effectiveness.3 LYT-100 has shown a 50% reduction in gastrointestinal tolerability issues in a head-to-head study versus pirfenidone, and it can be dosed at a higher exposure level, but with a lower Cmax, than the FDA-approved dosage of pirfenidone, potentially enabling improved efficacy. PureTech is currently evaluating two doses of LYT-100, one with comparable exposure to the approved dose o
Dallo
It seems they hold 3.1% of the Karuna equity still
after the deal with Royalty Pharma Enter into KarXT Royalty Agreement for up to $500 Million
Royalty Pharma has acquired an interest in PureTech’s royalty in Karuna Therapeutics’ KarXT; Royalty Pharma and PureTech will share in royalties above certain annual sales thresholds.
PureTech retains its current equity stake in Karuna in addition to milestone payments and 20% of sublicense revenues due to PureTech.
Transaction provides further non-dilutive capital for PureTech’s growing and rapidly advancing Wholly Owned Pipeline, with five clinical-stage candidates expected by the end of 2023.
March 23, 2023 03:00 AM Eastern Daylight Time
BOSTON & NEW YORK--(BUSINESS WIRE)--PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) ("PureTech" or the "Company"), a clinical-stage biotherapeutics company dedicated to changing the treatment paradigm for devastating diseases, and Royalty Pharma (Nasdaq: RPRX), the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the life sciences industry, today announced that Royalty Pharma has acquired an interest in PureTech’s royalty in Karuna Therapeutics’ KarXT for up to $500 million, with $100 million in cash up front and up to $400 million in additional payments contingent on the achievement of certain regulatory and commercial milestones.
“We are delighted to partner with PureTech, which began a remarkable innovation story with KarXT that has demonstrated an impressive clinical profile in Phase 3,” said Pablo Legorreta, Royalty Pharma’s Founder and Chief Executive Officer. “We believe this important therapy will have a significant impact on patients with schizophrenia if approved by the FDA. This medicine is a notable addition to our royalty portfolio and is well aligned with our strategy of investing in breakthrough therapies that address areas of high unmet medical need.”
“We’ve seen extraordinary clinical success demonstrated by KarXT, which, if approved, will be the first new mechanism for treating schizophrenia in more than fifty years. KarXT has now demonstrated efficacy in registration enabling studies and is heralded as a potential treatment paradigm shift that could impact millions of patients,” said Daphne Zohar, Founder and Chief Executive Officer of PureTech. “This agreement will provide PureTech with additional non-dilutive capital to advance our Wholly Owned Pipeline, including our rapidly maturing clinical programs, towards potential commercialization. Such non-dilutive sources of capital have allowed us to fund our pipeline and operations without having to raise capital from the public markets in over five years, and we are pleased to be able to benefit from the success of our invented programs.”
As part of this transaction, PureTech has sold its right to receive a 3% royalty from Karuna to Royalty Pharma on sales up to $2 billion annually, after which threshold Royal
Always
The fact that Bristol Meyers is paying $14billion means the FDA approval for Karuna's KarXT Schizophrenia drug is considered a formality and thus the receipt of up to $400m in royalties plus milestone payments on approval and incoming sharing with Bristol Meyers is now almost assured.
Don't forget Puretech has current cash balances of its own of C$340m.
Watch Puretech share price on Nasdaq this afternoon .
Thanks Dallo. Good PR for Puretech also
Always
Just saw the latest..Bristol Meyers to pay $14 Billion for Karuna so Puretech's 2.4% share is worth $336m
which is mind blowing.
Always
The shareholding of 2.4% currently held by Puretech in Karuna was confirmed in the update of 2 days ago ..so it is 2.4% of c$ 12 billion or say $290m.
Lovely Christmas present for Puretech shareholders.
Tough to calculate what the Karuna stake could be worth as had been diluted of course this year
Nice Xmas present today though 😊
https://www.businesswire.com/news/home/20230323005234/en/PureTech-Health-and-Royalty-Pharma-Enter-into-KarXT-Royalty-Agreement-for-up-to-500-Million
Good work guys and a Merry Xmas 🎅 feet up 🥃