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U.S. health group PureTech seeks $160 mln in London listing

Reuters - UK Focus

LONDON, May 26 (Reuters) - Boston-based PureTech Health plans to raise $160 million in a London listing, filling its coffers to fund product development and delivering a vote of confidence in the British life sciences sector.

The move by the U.S. health technology firm follows a similar decision by California-based drug discovery group Verseon to raise $100 million in London earlier this month.

PureTech's high-profile board includes former Sanofi (NasdaqGM: GCVRZ - news) chief executive Chris Viehbacher, Pearson (Xetra: 858266 - news) 's one-time CEO Marjorie Scardino and John LaMattina, a past research head at Pfizer (NYSE: PFE - news) .

The planned initial public offering (IPO) on the main market of the London Stock Exchange (Other OTC: LDNXF - news) is expected to happen in June, the company said in a statement on Tuesday.

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

The focus is particularly on the convergence of new technologies in the healthcare space. 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.

"With the acceleration of scientific discovery and the convergence of new and disruptive technologies being applied to life sciences, we believe the healthcare industry is on the cusp of a major transformation," said CEO Daphne Zohar.

PureTech currently has 12 operating companies which are actively developing technologies.

The proceeds of the London fundraising will help PureTech take its most advanced product candidates to the revenue-generating stage.

PureTech, which seeks to maintain high ownership in its operating companies and currently has a 76 percent average shareholding in its businesses, has already raised $250 million in past private fundraisings.

(Reporting by Ben Hirschler; Editing by Mark Potter)