Healthcare innovator PureTech Health proved just the medicine for investors rattled by Donald Trump’s trade war chest-beating after inking a “game-changing” deal with Swiss pharma giant Roche.
PureTech will collaborate with Roche on technology that will use milk to administer medicine.
The company will harness the firepower of the £150bn mammoth to develop the medicines in a deal that could be worth $1bn (£760m), it claimed.
It will use exosomes in milk to target hard-to-treat diseases. Exosomes are resilient to humans’ digestion system and attaching medicine to them could help them survive when they would otherwise be destroyed in the stomach.
The medicine is “potentially game-changing” and Roche’s commitment of up to $1bn for the development phase alone “signals strong validation for PureTech’s platform”, Peel Hunt analyst Amy Walker told clients. She added that the deal will bring developments in its separate Ariya division to the fore.
PureTech surged as much as 14pc before investor excitement fizzled slightly, closing on a 4p, or 2.9pc, gain at 140p.
Elsewhere, consumer goods giant Unilever edged higher after completing the first tranche of a €6bn (£5.4bn) share buyback programme to quell investor discontent.
As it struggles to lift growth, the Dove and Lynx maker has sold its spreads business to private equity giant KKR in a €6.8bn deal and is using the funds to sink into buybacks, boosting its shares 31p to £43.62.