Business
ABVC Signs Term Sheet to Acquire Real Estate Assets for Strategic Investments
FREMONT, CA, July 26, 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, July 26, 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 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 ...