ABVC BioPharma up on receiving $460 mln worth shares under licensing deal

ABVC Biopharma

03/01/2024 13:07

** Shares of ABVC BioPharma  ABVC.O  more than double to
$2.40 premarket 
    ** Stock on track to hit its highest level since October
last year
    ** Co says, under the licensing deal, it received 46 million
shares valued at $10 per share from private company AiBtl
BioPharma 
    ** Says it is the first milestone payment under a global
licensing agreement for ABVC's drugs to treat neurological
disorders
    ** Adds, that after this licensing payment, AiBtl becomes a
subsidiary of ABVC
    ** ABVC stock was down 81.4% in 2023

    

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))