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(Alliance News) - PureTech Health PLC announced on Friday that Gelesis Inc, a company that PureTech founded, will list on the New York Stock Exchange after completing a business combination with Capstar Special Purpose Acquisition Corp.
Gelesis, a maker of a weight management approach, will be known as Gelesis Holdings Inc, and will begin trading on the NYSE under the ticket GLS from Friday.
Gelesis will use the USD105 million gross proceeds from the Capstar SPAC business combination to support the broad launch of its Plenity product. Both Gelesis and Capstar shareholders voted to approve the business combination.
Eric Elenko, Pure Tech's chief innovation & strategy officer, said: "We are pleased with the completion of this transaction, which now makes Gelesis the third publicly-traded founded entity for PureTech. Our public founded entities - which include Gelesis, Karuna and Vor - represent an important component of our unique value-generating model for developing new medicines."
The Boston, Massachusetts-based clinical-stage biotherapeutics company was up 1.8% to 288.64 pence each in London on Friday morning.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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