PureTech gives up on re­gain­ing con­trol of Gele­sis and its weight loss pill

PureTech is call­ing off its pro­posed all-stock buy­out of weight loss-fo­cused spin­out Gele­sis, choos­ing in­stead to “fo­cus on oth­er strate­gic busi­ness ini­tia­tives.”

“The trans­ac­tion was ex­pect­ed to take longer than we had an­tic­i­pat­ed. As a re­sult, our Board de­cid­ed to fo­cus (on) oth­er busi­ness pri­or­i­ties,” a spokesper­son told End­points News.

The orig­i­nal deal, an­nounced in April, came with $0.21 a share, payable in PureTech stock. As of Fri­day, Gele­sis was trad­ing at $0.05.

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