On May 5, 2022 PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) ("PureTech" or the "Company"), a clinical-stage biotherapeutics company dedicated to discovering, developing and commercialising highly differentiated medicines for devastating diseases, reported that its Board of Directors has approved a share buyback programme in respect of its ordinary shares of one pence each ("Ordinary Shares") up to a maximum consideration of $50 million (the "Share Buyback Programme") (Press release, PureTech Health, MAY 5, 2022, View Source [SID1234613594]).
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The Share Buyback Programme follows consultation with shareholders and is consistent with PureTech’s capital allocation strategy1 and stated approach to drive additional value for its shareholders. The Company had consolidated cash and cash equivalents of $465.7 million and $413.2 million at December 31, 2021 and March 31, 2022, respectively. Given the strength of the Company’s balance sheet, the Board is confident that it can return this capital to shareholders while maintaining sufficient cash on hand to deliver on its strategy in line with its previous cash runway guidance into the first quarter of 2025, including the continued development and expansion of its Wholly Owned Pipeline and strategic investment in its Founded Entities.
The Share Buyback Programme will be limited to the lower of $50 million or 28,589,875 Ordinary Shares, in line with the general authority to repurchase shares, which was granted by shareholders at the most recent annual general meeting held on May 27, 2021, and it will be executed via open market purchases in accordance with applicable regulations, including those related to daily volume and price limitations. Further details of the Share Buyback Programme will follow.
This announcement includes information that is inside information as defined in Article 7 of the Market Abuse Regulation No.596/2014. The person responsible for arranging for the release of this announcement on behalf of PureTech Health plc is Bharatt Chowrira, President, Chief Business, Legal and Operating Officer, and Director.