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PureTech raises $171 million in latest London health listing

Reuters - UK Focus

LONDON, June 19 (Reuters) - Boston-based PureTech Health kicked off its London listing on Friday, raising $171 million to fund further product development in the latest life sciences float in Britain.

The U.S. health technology firm, which has on its board Pearson (Xetra: 858266 - news) 's former chief executive Marjorie Scardino and former Sanofi (NasdaqGM: GCVRZ - news) chief executive Chris Viehbacher, said its listing valued the firm at 364 million pounds ($578 million).

The offer price was set at 160 pence per share.

The group specialises in building a portfolio of early-stage science and technology ideas in the healthcare sector, typically from academia and nurturing them into commercially viable businesses.

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The focus is particularly on the convergence of new technologies in healthcare. Many traditional tech companies, such as Google (Xetra: A0B7FY - news) and Apple (NasdaqGS: AAPL - news) , are now investing in health, leading to new opportunities for merging different approaches to treating patients.

The move to list in London follows a similar decision by California-based biotech firm Verseon to raise $100 million in London earlier this year.

Allied Minds (LSE: ALM.L - news) also floated in London a year ago. It raised about 76 million pounds ($120.6 million) in a listing priced at 190 pence a share, giving the company a market value of nearly 400 million pounds at the time. The shares trade around 550 pence today.

($1 = 0.6303 pounds) (Reporting by Kate Holton. Editing by Jane Merriman)