ABVC Acquires $2.96 Million Worth of Land in Asia with Stocks Priced at $3.50 per Share
FREMONT, CA, Feb. 08, 2024 — ABVC BioPharma, Inc. (NASDAQ: ABVC), a clinical-stage biopharmaceutical company specializing in Oncology/Hematology, Neurology, and Ophthalmology, has announced its acquisition of real estate in Taoyuan City, Taiwan. With an estimated value of approximately $2.96 million, the acquisition aims to establish plant factories for ABVC’s botanical pipeline, creating a strategic base for its Asian healthcare business.
The definitive agreement includes an equity transfer of $3.50 per share, resulting in the issuance of ABVC common stock and a warrant to purchase up to 1,000,000 additional shares of common stock. The acquired land will be used to develop Good Agricultural Practices (GAP) fields and an integrated platform for collaboration between researchers and industry leaders, further enhancing ABVC’s position in the medical, pharmaceutical, and biotechnology industries.
Dr. Uttam Patil, Chief Executive Officer of ABVC, expressed enthusiasm for the acquisition, noting its potential to add significant value to shareholders’ equity. In addition, the stock price of $3.50 per share represents a 150% increase over the current market price, an indicator of ABVC’s commitment to its growth strategy within the pharmaceutical, medical device, and healthcare service sectors.
ABVC plans to leverage the acquired land as a base for plant factories and GAP fields intended to cultivate the raw materials necessary for the development of the company’s botanical new drugs. By doing so, ABVC aims to reduce costs associated with raw material purchases while fostering collaboration between industry, academia, and research.
We envision the newly acquired land to serve as a platform for innovation, knowledge exchange, and sustainable development in Asia, said Dr. Patil. We believe this acquisition will provide opportunities for collaboration, stimulate research, and contribute to the growth of Asia’s healthcare business on a global scale.
The move represents ABVC’s strategic pursuit of expansion into the rapidly growing Asian market. With a focus on innovation and development, ABVC aims to revitalize Asia’s medical, pharmaceutical, and biotechnology industries through this integrated platform, fostering creativity and driving progress in the sector.
As ABVC looks to the future, the company remains committed to delivering effective therapeutic solutions to patients in the areas of Oncology/Hematology, Neurology, and Ophthalmology. The acquisition of real estate assets in Taiwan marks an important milestone in ABVC’s journey toward advancing medical advancements and improving patient care.
About ABVC BioPharma, Inc.:
ABVC BioPharma, Inc. is a clinical-stage biopharmaceutical company primarily focused on developing therapeutic solutions in Oncology/Hematology, Neurology, and Ophthalmology. With a strong commitment to innovation and patient care, ABVC aims to improve the lives of individuals worldwide through the development of cutting-edge drugs. For more information, please visit www.abvcbiopharma.com.
Press Contact:
John Smith
ABVC BioPharma, Inc.
Phone: 123-456-7890
Email: jsmith@abvcbiopharma.com
