REG - PureTech Health PLC - Statement re Possible Offer

Puretech HealthAnnouncement

07/04/2025 16:30

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RNS Number : 9828D  PureTech Health PLC  07 April 2025

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS
AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM
INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO
CERTAINTY THAT ANY FIRM OFFER WILL BE MADE NOR AS TO THE TERMS ON WHICH ANY
FIRM OFFER MIGHT BE MADE.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

7 April 2025

PureTech Health plc

Statement regarding press speculation

 

The Board of PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) ("PureTech" or the
"Company") notes the recent press speculation and confirms that it is in
discussions with Nordic Capital Epsilon SCA, SICAV-RAIF (acting through its
general partner Nordic Capital Epsilon GP SARL) ("Nordic Capital") regarding a
possible cash offer to acquire the entire share capital of the Company.

A further announcement will be made as and when appropriate. There can be no
certainty that any firm offer will be made for the Company, nor as to the
terms on which any firm offer might be made.

In accordance with Rule 2.6(a) of the Code, Nordic Capital is required, by no
later than 5.00 p.m. (London time) on 5 May 2025, being 28 days after the date
of this announcement, to either announce a firm intention to make an offer for
the Company in accordance with Rule 2.7 of the Code or announce that it does
not intend to make an offer, in which case the announcement will be treated as
a statement to which Rule 2.8 of the Code applies. This deadline can be
extended with the consent of the Takeover Panel in accordance with Rule 2.6(c)
of the Code.

The person responsible for arranging release of this announcement on behalf of
PureTech is Charles Sherwood, General Counsel.

This announcement is being made without the consent of Nordic Capital.

 

Enquiries:
 
 PureTech Health plc                                                          Tel: +1 (0) 857 400 8489
 Allison Mead Talbot, Senior Vice President, Communications

 

 J.P. Morgan (Financial Adviser to PureTech)                      Tel: +44 (0) 20 3493 8000
 James Robinson

 Manita Shinh

 Ayoosh Choudhary

 

 

Disclaimer

J.P. Morgan Securities LLC, together with its affiliate, J.P. Morgan
Securities plc, which conducts its UK investment banking business as J.P.
Morgan Cazenove and is authorised in the United Kingdom by the Prudential
Regulation Authority (the "PRA") and regulated by the PRA and the Financial
Conduct Authority, (together, "J.P. Morgan") is acting as financial adviser
exclusively for PureTech  and no one else in connection with the matters set
out in this announcement and will not regard any other person as its client in
relation to the matters in this announcement and will not be responsible to
anyone other than PureTech for providing the protections afforded to clients
of J.P. Morgan or its affiliates, nor for providing advice in relation to any
matter or arrangement referred to herein.

 

Rule 26.1 Disclosure

In accordance with Rule 26.1 of the Code, a copy of this announcement will be
available at www.puretechhealth.com, by no later than 12 noon (London time) on
8 April 2025. The content of the website referred to in this announcement is
not incorporated into and does not form part of this announcement.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of
any class of relevant securities of an offeree company or of any securities
exchange offeror (being any offeror other than an offeror in respect of which
it has been announced that its offer is, or is likely to be, solely in cash)
must make an Opening Position Disclosure following the commencement of the
offer period and, if later, following the announcement in which any securities
exchange offeror is first identified. An Opening Position Disclosure must
contain details of the person's interests and short positions in, and rights
to subscribe for, any relevant securities of each of (i) the offeree company
and (ii) any securities exchange offeror(s). An Opening Position Disclosure by
a person to whom Rule 8.3(a) of the Code applies must be made by no later than
3.30 pm (London time) on the 10th business day following the commencement of
the offer period and, if appropriate, by no later than 3.30 pm (London time)
on the 10th business day following the announcement in which any securities
exchange offeror is first identified. Relevant persons who deal in the
relevant securities of the offeree company or of a securities exchange offeror
prior to the deadline for making an Opening Position Disclosure must instead
make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
securities exchange offeror must make a Dealing Disclosure if the person deals
in any relevant securities of the offeree company or of any securities
exchange offeror. A Dealing Disclosure must contain details of the dealing
concerned and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree company and
(ii) any securities exchange offeror, save to the extent that these details
have previously been disclosed under Rule 8 of the Code. A Dealing Disclosure
by a person to whom Rule 8.3(b) of the Code applies must be made by no later
than 3.30 pm (London time) on the business day following the date of the
relevant dealing.

If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a securities exchange offeror, they will
be deemed to be a single person for the purpose of Rule 8.3 of the Code.

Opening Position Disclosures must also be made by the offeree company and by
any offeror and Dealing Disclosures must also be made by the offeree company,
by any offeror and by any persons acting in concert with any of them (see
Rules 8.1, 8.2 and 8.4 of the Code).

Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made
can be found in the Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any offeror was
first identified. You should contact the Panel's Market Surveillance Unit on
+44 (0)20 7638 0129 if you are in any doubt as to whether you are required to
make an Opening Position Disclosure or a Dealing Disclosure.

Forward looking statements

This announcement, oral statements made regarding the possible offer, and
other information published by PureTech may contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, which
statements involve substantial risks and uncertainties. Forward-looking
statements generally relate to future events or our future financial or
operating performance. In some cases, you can identify forward-looking
statements because they contain words such as "may," "aim," "will," "should,"
"expect," "plan," "try," "anticipate," "could," "would," "intend," "target,"
"project," "contemplate," "believe," "estimate," "predict," "potential" or
"continue" or the negative of these words or other similar terms or
expressions that concern our expectations, strategies, plans, or intentions.
Forward-looking statements in this release include, but are not limited to,
statements regarding a possible sale of PureTech, PureTech's review of
strategies to unlock and crystallize value for shareholders, the expected
effects of a possible offer on PureTech, the nature, expected timing and scope
of a possible offer and other statements other than historical facts.
PureTech's expectations and beliefs regarding these matters may not
materialize, and actual results in future periods are subject to risks and
uncertainties that could cause actual results to differ materially from those
projected, including (i) the possibility that an offer will not be made for
PureTech or a sale of PureTech will not be pursued, or will be pursued on
different terms and conditions, (ii) the possibility than an offer, if made,
will not result in a transaction being completed on the anticipated time
frame, or at all, (iii) the possibility that PureTech will not realize the
anticipated benefits of any transaction resulting from an offer, (iv) negative
effects resulting from the announcement of a possible offer or any further
announcements relating to a possible transaction on the market price of
PureTech's ordinary shares and ADS, (v) changes in global, political,
economic, business, competitive, market and regulatory conditions, (vi) future
exchange and interest rates, (vii) changes in tax laws, regulations, rates and
policies and (viii) potential future business combinations or disposals and
competitive developments. The forward-looking statements contained in this
release are also subject to other risks and uncertainties that could cause
actual results to differ from the results predicted, including those more
fully described under the caption "Risk Factors" in PureTech's Annual Report
on Form 20-F for the year ended December 31, 2023, filed with the SEC on April
25, 2024, and in PureTech's other regulatory filings.  Neither PureTech nor
any of its associates or directors, officers or advisers, provides any
representation, assurance or guarantee that the occurrence of the events
expressed or implied in any forward-looking statements in this announcement
will actually occur. All forward-looking statements in this release are based
on information available to PureTech and assumptions and beliefs as of the
date hereof, and PureTech disclaims any obligation to update any
forward-looking statements, except as required by law (including under the UK
Listing Rules and the Disclosure and Transparency Rules of the FCA).

Rule 2.9 disclosure

In accordance with Rule 2.9 of the Code, as at the close of business on 4
April 2025 (being the business day prior to the date of this announcement),
PureTech confirms that it had in issue 240,189,449 ordinary shares of GBP 0.01
each (excluding shares held in treasury) with voting rights and admitted to
trading on the main market of the London Stock Exchange under the ISIN code
GB00BY2Z0H74. PureTech also has an American Depositary Shares ("ADS") program
for which Citibank, N.A. acts as depositary. Each PureTech ADS represents ten
ordinary shares of PureTech. The PureTech ADSs trade on the Nasdaq. The
trading symbol for the PureTech ADSs is PRTC and the ISIN is US7462371060.
The ordinary shares in PureTech which are represented by ADSs are included in
the total number of issued PureTech shares referred to above.

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