At its heart PureTech Health (PRTC) is a biotechnology company, but its structure is far from that of a traditional early-stage drug developer. PureTech holds stakes - of around 73 per cent on average - in small healthcare businesses that are developing drugs to target unmet needs.
In 2015 the value of the companies invested in by PureTech increased to $292m (£207m), up 21 per cent after stripping out the extra investment made by the group during the year. This is a result of progress in several key projects. Akili, which is working on novel treatments for cognitive disorders such as attention deficit hyperactivity disorder and autism, completed a pilot study. This, together with a round of financing - to which PureTech contributed - helped lift the value of the holding by 72 per cent.
PureTech also invests in the research and development of many of its projects, and this spending hit $19m, from $5.3m in 2014. But having raised $248m at IPO, the group is well funded for the time being. It also generates some revenue from big pharmaceutical partners licensing its growth businesses' drugs, and benefited from a $10m payment from Janssen Biotech in the first half of the year.
PURETECH HEALTH (PRTC) | ||||
|---|---|---|---|---|
| ORD PRICE: | 140p | MARKET VALUE: | £332m | |
| TOUCH: | 138-139p | 12-MONTH HIGH: | 184p | LOW: 122p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 95ȼ | NET CASH | $135m | |
| Year to 31 Dec | Turnover ($m) | Pre-tax profit ($m) | Earnings per share (ȼ) | Dividend per share (ȼ) |
|---|---|---|---|---|
| 2012* | 8.02 | -10.8 | -17 | nil |
| 2013* | 8.50 | -5.3 | -7 | nil |
| 2014 | 2.22 | -76.2 | -51 | nil |
| 2015 | 11.83 | -56.3 | -21 | nil |
| % change | +10 | - | - | - |
*Pre-IPO figures £1=$1.41 | ||||
