DLA Piper advises PureTech Health on USD100 million share buy-back

DLA Piper has advised PureTech Health, a leading clinical-stage biotherapeutics company, on the completion of a Tender Offer, that has seen the company purchase for cash a maximum of USD100 million in value of its Ordinary Shares.

Jefferies International acted as the financial adviser and broker for the tender offer, purchasing 31,540,670 Ordinary Shares (including Ordinary Shares represented by American Depository Shares (ADSs)) representing approximately 12% of the Company’s issued ordinary share capital. Puretech has subsequently purchased the successfully tendered shares from Jefferies for cancellation, thereby reducing its total Issued Ordinary Share Capital.

PureTech Health is a leading biotherapeutic company engaged in giving life to new classes of medicines and has built a broad and deep pipeline through its experienced research and development team and network of scientists, clinicians, and industry leaders.

A team from DLA Piper’s London office worked on the transaction and was led by Martin Penn, partner in the Corporate practice. He was supported by legal director Karin Kirschner and associate Omefe Uduebor.

Martin Penn, partner, said: “This tender offer was unusual in its application as it involved the concurrent tender offer for ordinary shares on the London Stock Exchange as well as ADSs on Nasdaq. This made the transaction significantly more complex than a tender offer conducted solely on either stock exchange, but we pride ourselves in having translated this complexity into a successful transaction.”