- Clinical stage biotherapeutics company PureTech Health has announced that its founded entity Gelesis is to become a publicly-traded company via a merger with Capstar Special Purpose Acquisition Corp (SPAC).

The deal is expected to provide Gelesis, the maker of weight management product Plenity, with up to $376 million of gross proceeds, including $100 million PIPE anchored by new and existing top tier investors and partners, such as PIMCO private funds, Kennedy Lewis Investment Management, Pritzker Vlock Family Office, China Medical Systems and co-founder PureTech Health.

PureTech chief innovation officer Eric Elenko said: 'Upon completion of the transaction, Gelesis will be PureTech's third publicly-traded founded entity.

'Based on the expected valuation, Gelesis, along with Karuna and Vor, will have a combined value of over $5.4 billion.'

The combined company's securities are expected to be traded on the New York Stock Exchange (NYSE) under the symbol GLS once the deal has completed.

At 1:17pm: [LON:PRTC] Puretech Health PLC share price was 0p at 282p

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