PureTech wants to buy back its weight loss pill spinout after lackluster SPAC
Earlier this week, PureTech told its spinout Gelesis that it wants to buy all outstanding equity in the weight loss capsule company for 21 cents a share, payable in PureTech stock.
The non-binding indication of interest would let PureTech regain control of the Boston biotech that went public via a SPAC in January 2022. That deal reeled in just $105 million out of the originally projected $376 million. Weeks later, the company laid off 140 contractors who were hired to promote the weight loss pill Plenity, which is considered a prescription medical device.
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