FTSE 250 movers: PureTech falls as Nektar merger talks end

(Sharecast News) - The FTSE 250 was down0.81% to 16,986.98 at 1440 BST Shares in healthcare company PureTech fell as the company said it and US-based Nektar Therapeutics had ended merger talks only four days after they announced a potential tie up.

"These discussions were early in nature and the required announcement created the impression that discussions were more advanced than they were," PureTech said on Tuesday, referring to disclosure requirements under UK takeover rules after media speculation.

"Given the early stage of the discussions and the potential for an extended period of uncertainty, these discussions were terminated."

Shares in the company fell 17% at one stage but had recovered in afternoon trade to be 5.5% lower at 216p.

Technically the PureTech is still under offer, and Nektar said it reserved the right to make or take part in an offer within the next six months, with the agreement of PureTech's board, if circumstances "materially change" or a third party announces a firm intention to make an offer for PureTech.

Iron ore pellet maker Ferrexpo said it had suspended operations in Ukraine after Monday's Russian missile strikes on the country damaged electrical power infrastructure.

Ferrexpo said a limited power supply is available at its operations, which is being prioritised for critical equipment required for essential services and local communities.

"Engineers are currently conducting an assessment of the damage incurred to electrical infrastructure, and an estimate of the period of production downtime as repairs are carried out," the company said on Tuesday.

"The group can confirm that it currently has a sufficient volume of its products, either currently in transit and or in stockpiles, to meet its expected sales volumes, subject to logistics corridors remaining available. The situation is developing and the group will update the market further, as appropriate."

Chief executive Jim North said no staff had been injured in the attacks, which hit the capital Kyiv and other cities, with many missiles hitting civilian areas and killed 19 people, according to latest figures.

"The events of yesterday have resulted in significant damage to major cities across Ukraine, as well as a power outage at our operations and local communities. We are working to ensure that power is provided in critical areas, both within our facilities and in local communities, in order to support the safety of our workforce and community members," he said.

FTSE 250 - Risers

Wizz Air Holdings (WIZZ) 1,440.00p 4.80% Aston Martin Lagonda Global Holdings (AML) 93.74p 4.02% TUI AG Reg Shs (DI) (TUI) 111.45p 2.86% Ruffer Investment Company Ltd Red PTG Pref Shares (RICA) 304.00p 2.18% Pets at Home Group (PETS) 266.00p 1.99% International Distributions Services (IDS) 207.70p 1.96% Polymetal International (POLY) 208.90p 1.90% Marks & Spencer Group (MKS) 98.06p 1.62% ASOS (ASC) 544.00p 1.59% Hochschild Mining (HOC) 63.00p 1.45%

FTSE 250 - Fallers

PureTech Health (PRTC) 214.50p -6.13% Ferrexpo (FXPO) 119.90p -5.59% Capital & Counties Properties (CAPC) 99.85p -4.90% Molten Ventures (GROW) 259.00p -4.71% Synthomer (SYNT) 93.35p -4.70% Moneysupermarket.com Group (MONY) 185.00p -4.69% International Public Partnerships Ltd. (INPP) 139.60p -4.38% 888 Holdings (DI) (888) 90.95p -4.26% Workspace Group (WKP) 356.60p -4.24% Shaftesbury (SHB) 346.20p -3.83%