The UK’s PureTech and US biotech Nektar have ended discussions about a potential merger which analysts did not see coming, but a deal could still happen and other companies may also make a move.

The concept of a parent company with operating subsidiaries is becoming increasing common in biotech. The first to do it, Daphne Zohar, who co-founded PureTech back in 2005, tells Scrip how the company has made that model work.

Daphne Zohar tells Scrip PureTech will use $100m placing to develop Boston-based group's growth-stage affiliates and advance its "BIG" proprietary pipeline of brain-immune-gut assets.