ABVC Signs Term Sheet to Acquire Real Estate Assets for Strategic Investments
26 Julho 2023 - 9:30AM
via NewMediaWire – ABVC BioPharma, Inc. (NASDAQ: ABVC) ("Company"),
a clinical-stage biopharmaceutical company developing therapeutic
solutions in Oncology/Hematology, Neurology, and Ophthalmology,
announced today that it has signed a term sheet to advance a
partnership with Zhonghui United Technology (Zhonghui) Group Co.,
Ltd. and its affiliated enterprises. The partnership contemplates a
planned acquisition of real estate assets via an equity transfer,
estimated at $7.4 million, all to advance the development of a
large-scale health and wellness base in Chengdu, China.
The planned partnership aims to establish an integrated platform
to facilitate collaborations between researchers and industry
leaders. ABVC intends to transfer common shares to Zhonghui at $20
per share in consideration for a twenty percent ownership of
Zhonghui's property near Chengdu, China, estimated at $37 million
by a third-party valuation company and a piece of land Zhonghui
currently owns in that same area.
"We are pleased to have executed the term sheet with Zhonghui, a
wholly owned corporation established in 2020 with total assets of
$4.4 billion, annual revenue of $4.2 billion, and a net profit of
$757 million," said Uttam Patil, Ph.D. CEO of ABVC. "With this
initiative, we will work towards developing a large health and
wellness base to establish a comprehensive facility that provides a
wide range of services. The integrated platform will help
facilitate collaboration between industry, academia, and research.
We strive for revitalization by promoting innovation, knowledge
exchange, and sustainable development in rural areas around
Chengdu. Strong partnerships with leading institutions and our
expertise in Oncology/Hematology, Neurology, and Ophthalmology
enable us to expand globally."
Completing definitive agreements with Zhonghui and acquiring the
real estate assets is subject to due diligence, negotiation of
definitive agreements between the parties, and relevant regulatory
approvals.
About ABVC BioPharma
ABVC BioPharma is a clinical-stage biopharmaceutical company
with an active pipeline of six drugs and one medical device
(ABV-1701/Vitargus®) under development. For its drug products, the
Company utilizes in-licensed technology from its network of
world-renowned research institutions to conduct proof-of-concept
trials through Phase II of clinical development. The Company's
network of research institutions includes Stanford University, the
University of California at San Francisco, and Cedars-Sinai Medical
Center. For Vitargus®, the Company intends to conduct global
clinical trials through Phase III.
Forward-Looking Statements
This press release contains "forward-looking statements." The
words may precede such statements "intends," "may," "will,"
"plans," "expects," "anticipates," "projects," "predicts,"
"estimates," "aims," "believes," "hopes," "potential," or similar
words. Forward-looking statements are not guarantees of future
performance, are based on certain assumptions, and are subject to
various known and unknown risks and uncertainties, many of which
are beyond the Company's control, and cannot be predicted or
quantified, and, consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements.
None of the outcomes expressed herein are guaranteed. Such risks
and uncertainties include, without limitation, risks and
uncertainties associated with (i) our inability to manufacture our
product candidates on a commercial scale on our own, or in
collaboration with third parties; (ii) difficulties in obtaining
financing on commercially reasonable terms; (iii) changes in the
size and nature of our competition; (iv) loss of one or more key
executives or scientists; and (v) difficulties in securing
regulatory approval to proceed to the next level of the clinical
trials or to market our product candidates. More detailed
information about the Company and the risk factors that may affect
the realization of forward-looking statements is set forth in the
Company's filings with the Securities and Exchange Commission
(SEC), including the Company's Annual Report on Form 10-K and its
Quarterly Reports on Form 10-Q. Investors are urged to read these
documents free of charge on the SEC's website at
http://www.sec.gov. The Company assumes no obligation to publicly
update or revise its forward-looking statements as a result of new
information, future events or otherwise.
Contact:Tom MastersonEmail: tmasterson@allelecomms.com
ABVC BioPharma (NASDAQ:ABVC)
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