PureTech Health shares boosted as investee Seaport Therapeutics prices Nasdaq IPO

PureTech Health (LSE:PRTC, NASDAQ:PRTC, OTC:PTCHF, FRA:0VQ) told investors that its founded entity Seaport Therapeutics has priced an upsized US initial public offering at the top of its target range, putting the clinical-stage neuropsychiatry company on course to raise gross proceeds of $254.9 million.

In London, PureTech shareholders saw the share price climb 9.56% to 139.8p.

Seaport is selling 14.16 million shares at $18.00 apiece, with all shares being offered by the company.

Underwriters have also been granted a 30-day option to buy a further 2.124 million shares at the IPO price, less underwriting discounts and commissions.

The shares are expected to begin trading today on the Nasdaq Global Select Market under the ticker SPTX, with the offering expected to close on 4 May.

PureTech will hold around 16.68 million shares of Seaport common stock once the offering closes.