Benzinga | Jan 14, 2022 05:37AM EST

Gelesis, Maker Of Weight Loss Pill, Concludes SPAC Deal; Trading Kickstarts Today

PureTech Health plc (NASDAQ:PRTC) founded entity Gelesis Inc, maker of weight management aid, has completed its business combination with Capstar Special Purpose Acquisition Corp (NYSE:CPSR).

* The publicly-traded company will be Gelesis Holdings Inc and will begin trading on the New York Stock Exchange under the ticker symbol "GLS" from today.

* Both Gelesis and Capstar shareholders voted to approve the business combination. The transaction generated approximately $105 million in gross proceeds, which will be mainly used to support the broad launch of Plenity.

* Related: FDA-Approved Weight Loss Drug Plenity's Parent Announces SPAC Deal: What Investors Should Know.

* "We are pleased with the completion of this transaction, which now makes Gelesis the third publicly-traded Founded Entity for PureTech," said Eric Elenko, Chief Innovation and Strategy Officer at PureTech. "

* Plenity is FDA-cleared to aid in weight management in adults with excess weight or obesity, as defined by a Body Mass Index of 25 to 40 kg/m² when used in conjunction with diet and exercise.

* Plenity is designed to help people feel satisfied with smaller meal portions to eat less and lose weight.

* It is taken orally as three capsules with 16 ounces of water twice a day, 20 minutes before lunch and dinner.

* A Plenity subscription costs $98 for a four-week supply ($1.75 per meal).

* Price Action: CPSR shares closed higher by 9.85% at $7.36 on Thursday.