LONDON, June 19 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's former chief executive Marjorie Scardino and
former Sanofi chief executive Chris Viehbacher, said
its listing valued the firm at 364 million pounds ($578
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
The focus is particularly on the convergence of new
technologies in healthcare. Many traditional tech companies,
such as Google and Apple, 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 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)