When Puretech Health, the American-based healthcare technology company, floated on the London Stock Exchange four years ago, its founder and chief executive said that it had opted for a UK listing because investors understood the business model (Alex Ralph writes).
Puretech joined a UK market with a cluster of companies, such as Allied Minds, investing in a portfolio of promising science and technology companies.
Since Puretech’s initial public offering in June 2015, risk appetite for the model has been shaken by the debacle at Allied Minds, the Neil Woodford-backed technology incubator whose shares have slumped and which has overhauled its board amid pressure from Crystal Amber, the activist shareholder.
Allied Minds floated on Aim, the London exchange’s junior market, in June 2014 and