PureTech Health (LSE:PRTC) has completed the spinout of Celea Therapeutics, a newly independent company backed by $180 million in external financing, with proceeds earmarked for the first head-to-head Phase 3 trial in idiopathic pulmonary fibrosis (IPF).
The biopharmaceutical group transferred its deupirfenidone programme, an investigational next-generation antifibrotic it had advanced through Phase 2b, to Celea alongside associated intellectual property, regulatory documentation, and product inventory.
Investors in the round include RA Capital Management, Leaps by Bayer, and PureTech itself, which contributed $30 million, alongside an unnamed US healthcare fund and a sovereign wealth fund. Celea's pre-money valuation was set at $100 million, implying a fully diluted post-money valuation of $302.5 million.
PureTech holds 35.4% of Celea and retains tiered royalties on net sales, up to $190 million in commercial milestone payments, and a 20% share of sublicense income, all without further equity dilution.
PureTech has also reserved an additional $70 million from existing cash to potentially support Celea in future rounds, a commitment its 2025 annual report said is already factored into an operating runway extending at least through the end of 2028.
The SURPASS-IPF Phase 3 trial is planned to begin in the early part of the third quarter of 2026.
"This transaction establishes Celea as an independent company with dedicated capital to advance deupirfenidone," chief executive Robert Lyne said, adding that PureTech is reserving the additional $70 million "especially in light of recent public valuations of late-stage clinical assets in the pulmonary space."
