(Alliance News) - PureTech Health PLC on Tuesday said takeover talks with San Francisco-based biopharmaceutical company Nektar Therapeutics have been terminated.
PureTech on Friday had announced that it was in discussions to be acquired by Nektar. The talks were not as advanced as they seemed, however, PureTech said.
"These discussions were early in nature and the required announcement created the impression that discussions were more advanced than they were. Given the early stage of the discussions and the potential for an extended period of uncertainty, these discussions were terminated," the company explained.
PureTech added that it remains in an offer period until November 3 under regulatory rules.
Nektar gave consent to PureTech for publicising the termination but gave no further details.
PureTech Health shares were 2.2% lower at 223.50 pence each in London on Tuesday morning.
By Tom Budszus; tombudszus@alliancenews.com
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