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Clinical-stage biotherapeutics firm PureTech Health PLC on Friday confirmed it is in combination talks with San Francisco-based biopharmaceutical company Nektar Therapeutics Inc.
PureTech shares fell 17% to 213.50 pence each in London on Friday morning. This compares to Nektar's closing price on Thursday of $3.38 per share on the Nasdaq in New York.
Puretech has a market capitalisation of £596.8 million, Nektar has market capitalisation of $633.4 million, which is around £560.1 million.
The exchanged proposals may include a takeover offer of PureTech, which develops medicines focused on serious diseases.
Boston, Massachusetts-based PureTech noted that Nektar has until November 3 to announce an intention to make an offer, or to announce that it does not intend to make an offer.
In August, PureTech reported a pretax loss in the first half of 2022 to June 30 of $56.0 million, narrowed by 41% from $94.9 million a year before. In comparison, Nektar reported a pretax loss of $249.2 million for the first half of 2022, widened by 0.5% from $248.0 million.
PureTech's half-year revenue in the first half of 2022 stood at $7.0 million, up 21% from $5.8 million. This compares to Nektar's half-year 2022 revenue of $46.4 million, down 11% from $52.0 million.
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