ABVC BioPharma to break ground in China, advances 20% stake in Zhonghui real estate
California-headquartered ABVC BioPharma is to expand its geographic reach through an acquisition agreement with Zhonghui United, with the biotech moving ahead with a 20% ownership stake in Zhonghui’s real estate in Chengdu, China.
The deal is worth approximately $7.4 million, which is in the ballpark of 370,000 shares of ABVC stock at $20 per share, as per ABVC’s Thursday press release.
According to an SEC filing, the land and property is in Leshan, Sichuan, China. The eventual facility is envisioned as ABVC’s “base for the China market and global development.”
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