Vedanta Biosciences has raised $50m to enable it to progress drug candidates in a range of autoimmune and infectious diseases. We view Vedanta Biosciences as one of PureTech’s more interesting companies and look forward to the commencement of clinical trials in H1 2017. PureTech is contributing around $30m and its ownership adjusted value will increase by roughly $37m to $120m (75.4% ownership). Vedanta Biosciences now represents 36.5% of PureTech’s $328.7m valuation of its growth stage companies. We update our valuation this morning, increasing our Target Price to 243p (from 229p) and remain at Buy.
