Member Info for JSB1989

From what I’ve researched, Briarwood held 2.8% in Puretech. I’m guessing they have built this slowly over a period of time and as they’ve just passed the 5% threshold, they are required to declare this via an RNS.

Excellent to have another US hedge fund on board. You get the feeling there has to be a bid(s) lined up given the discount on offer!

The problem with the hub and spoke is that unless a company has been listed or has gone through rounds of private funding, you can’t really attribute a valuation to that asset. This is the case in both Celea and Gallop. We have a P3 ready drug which very conservatively would be listed at a $500-750 million valuation, that’s technically worth nothing.

Dallo - I agree that a bid from venture capital would be the most likely way to realise value. Puretech is very much one step forward and one step back.

I wonder if RTW has looked at Puretech. It will be a good fit for them to take the cash, assets and royalties and either wind down or divest the ‘hub’. If they bid £2, they’d only be paying £1.25 as £0.75 is currently held in cash.

I will keep adding each month whilst the SP sits in the 120-130 range.

Rockefellow - I wouldn’t write off Cobenfy just yet. The ADEPT trial (readout later this year) will truly determine whether it becomes a blockbuster drug or not. The market for psychosis in Alzheimer’s patients is huge and the analysts will upgrade if the readout is positive.

It looks like the share price in the short term will move with the fluctuations of Seaport until we find out about the Celea funding structure or any other corporate update.

If you view Puretech solely as a holdings company (cash and Seaport), the NAV is £400 million so they are trading at a 22% discount to this. Thats without the other assets or royalties from Cobenfy and Seaport added in. It’s a bargain with a serious disconnect, but we all know this. I’m surprised it’s not just Tang building his position at this price.

It’s live now on my trading platforms. Fluctuating between $21.5-$22. Good start. Hemab (the other Pharma IPO today) is up 70%!!

The stock still isn’t available or tradable on the main US platforms. The LSE market has remained stable today and the current share price at 140p is factoring in $18 as the Seaport price. The LSE is closed on Monday so well await the Seaport price on Monday evening . The Puretech price will gap up or down accordingly to those price movements on Tuesday morning.

Well done to Daphne. She spotted an opportunity and has worked hard to build the value over the past two years.

Seaport may not list straight away. It can take a couple of hours for trading to begin. Hopefully prior to the LSE closing.

The market is ‘pricing’ in that the offer price is at the top of the range and the total offering has increased. At $18 and 16.68 million shares, it’s worth $300 million to us.

Every $3 increase in the Seaport share price is an extra $50 million on our NAV. Without getting carried away, I don’t think it’s out of the question that Seaport jumps to $24 today ($400 million) and that’s worth an additional 30p on the Puretech share price. Let’s find out when the US markets open later.

I agree completely with your analysis on the mechanisms Golfnut. Celea is ahead in the data and timeline yet the market values the asset at 0. It would be great if Celea were to list in the summer solely on the NASDAQ.

Avalyn finishing at $29.50 which is over $1.2 billion.

Golfnut mentioned Avalyn Pharma earlier. An IPF drug in P2b using an inhaled formulation of Esbriet, the current standard drug of care. Its IPO today has been a major hit. Priced at $16-18 per share, it’s up 55% at $27, valuing it at $1.1 billion.

Two points on this. Firstly, Celea has superior data and is ahead on timescales, therefore, the valuation in early Q3 will be very interesting. Secondly, it’s the turn of Seaport tomorrow and we know there has been huge interest and hype around the listing. A similar first day would equate to Puretech’s stake in Seaport worth as much as the entire Puretech market cap. We can dream!!

Https://www.bms.com/assets/bms/us/en-us/pdf/investor-info/doc_financials/quarterly_reports/2026/BMY-Q1-2026-Earnings-Press-Release.pdf

Great find on Avalyn Pharma golfnut. Celea should be worth a minimum of $200 million equity post raise to Puretech and similar royalties to Karuna and Seaport. Let’s see who the investors or pharma partners are. The credibility of those will be meaningful.

On a side note, Cobenfy had $56 million in sales in Q1. I haven’t seen the forecast from analysts for the next quarter.

Pants down to start and to finish the day. Strange one overall. I missed the presentation so will catch up later.

Looking forward to the Seaport reaction tomorrow afternoon.

Hear hear dallo. Very well said in your post.

A couple of algo trades crashed the SP to 120p on an encouraging statement from the company and clearly the market hasn’t clocked onto the value of Seaport to Puretech in either the % holding on IPO or the value of the royalties.

Typical Puretech reaction. The headline is that Puretech is delisting from the US for cost cutting reasons. It doesn’t say Seaport set for blockbuster IPO which will value Puretech stake at $275 million. Frustrating that Puretech hasn’t been able to elaborate on Seaport as the pricing won’t complete until today or tomorrow. Hopefully Rob will talk this up later in the presentation.

Added more this morning.

The NASDAQ volumes have been pitiful. Roughly $75,000 traded on average per session compared to $350,000 on the LSE. Whilst I’d prefer a NASDAQ only listing, a single listing makes more sense than the current setup.

I’m pleased to hear that Celea is nearly complete, although it would have been nice for this to be released alongside the final results. Likely that financing completes in July and then initiation of trial start in late Q3.

Cash is where I expected it to be at $250 million. Let’s hope that Seaport has a strong start tomorrow on IPO.

BMS report on Thursday so there will be some updated quarterly numbers. The two P3 readouts need to come in for Cobenfy to get more indications to prescribe for.

The charts need a break of 145p which has been the resistance for over a year. After that it’s blue sky.

Appreciate the correction golfnut. Strange how the prospectus has our interest as 42% pre IPO and our presentation slides references it at 35.1%. So 32% post IPO is $276 million valuation at $17 per share.