06:35 AM EDT, 05/20/2024 (MT Newswires) -- PureTech Health ( PRTC ) said Monday it has opened a proposed tender offer to buy up to $100 million of ordinary shares of one pence each including its American Depositary Shares each representing 10 ordinary shares.

PureTech Health ( PRTC ) offers to buy up to 33.5 million ordinary shares, which represents around 12% of its issued ordinary share capital on May 16, at a fixed price of 250 pence ($3.18) per ordinary share.

The company said the offer price reflects a 25% premium to PureTech's trailing volume-weighted average price per ordinary share over the three days before the date of the initial tender offer announcement on March 19.

The Tender Offer for ordinary shares is set to close on June 20, while the offer for ADSs will close on June 18.