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ABVC Executes Cooperation Agreement for Strategic Investments
FREMONT, CA, Aug. 17, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – ABVC BioPharma, Inc. (NASDAQ: ABVC) ("Company"), a clinical-stage biopharmaceutical company
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"FREMONT, CA, Aug. 17, 2023 (GLOBE NEWSWIRE) -- 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 had entered into a Cooperation Agreement to exchange a 20% ownership stake in real estate property of Zhonghui United Technology (Chengdu) Group Co., Ltd. (“中汇联和科技(成都)集团有限公司”) and its affiliated enterprises (“Zhonghui”). Under the terms of the Cooperation Agreement, the estimated value of the transaction is approximately $7.4 million, equivalent to 370,000 shares of ABVC common stock at $20 per share. \"We are extremely proud to have executed the Cooperation Agreement with Zhonghui; this transaction builds on ABVC's commitment to grow its biopharma industry and to provide best-in-class innovations in research, development, and manufacturing of pharmaceuticals, biotechnology-based food and medicines, medical devices, biomedical technologies, and nutraceuticals,\" said Dr. Uttam Patil, Chief Executive Officer of ABVC. \"As per the current Cooperation Agreement, ABVC and Zhonghui agree to collaborate on developing a large-scale health and wellness base. The goal is to establish a comprehensive facility that offers a wide range of health and wellness services to promote a healthy lifestyle and well-being. Specifically, a healthcare center for senior living, long-term care, and medical care in the areas of ABVCs' special interests, such as Ophthalmology, Oncology, and Central Nervous Systems, is planned to be established as the base for the China market and global development. Both parties aim to build an integrated industry, academia, and research collaboration platform. This platform will also seek to contribute to rural revitalization by promoting innovation, knowledge exchange, and sustainable development in rural areas. Our strong partnership with leading institutions and expertise in Oncology/Hematology, Neurology, and Ophthalmology will aid us in global expansion.\" About ABVC BioPharmaABVC 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 institut...