ABVC BioPharma Reports Milestone Payment From From AiBtl BioPharma; AiBtl Becomes Subsidiary

(RTTNews) - ABVC BioPharma, Inc. (ABVC) and its unit BioLite, Inc. announced that the company and its subsidiary received an aggregate of 46 million shares from AiBtl BioPharma as first milestone payment under a global licensing agreement. The agreement placed a value of $10 per share on such payment. AiBtl is a private company.

Uttam Patil, CEO of ABVC, said: "After this licensing payment, AiBtl becomes a subsidiary of ABVC, which holds 57% of the consolidated shares of AiBtl; accordingly, AiBtl is now also considered a related party."

The company entered into a global licensing agreement with AiBtl on November 12, 2023, for the company's CNS drugs with the indications of Major Depressive Disorder and Attention Deficit Hyperactivity Disorder.

Shares of ABVC BioPharma are up 90% in pre-market trade on Wednesday.

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