PureTech Spins Off Celea with $180M Funding to Advance IPF Drug Deupirfenidone into Phase 3

PureTech Health has secured $180 million in financing for its pulmonary disease spinoff, Celea Therapeutics, enabling the company to launch its lead drug deupirfenidone (LYT-100) into a pivotal Phase 3 trial (SURPASS-IPF) for idiopathic pulmonary fibrosis (IPF). The funding round was led by RA Capital Management and Leaps by Bayer, with PureTech contributing $30 million and reserving an additional $70 million to support future development. Following the transaction, PureTech retains a 35.4% stake in Celea and is entitled to tiered royalties, up to $190 million in milestone payments, and 20% of sublicense income from Celea's products using deupirfenidone technology. The deal values Celea’s assets at $100 million pre-money and $302.5 million post-money on a fully diluted basis.