Athenex to sell China business, shares rise
11/07/2022 13:56
** Shares of drug maker Athenex Inc ATNX.O up as much as
7.59% at $0.60 premarket
** Co to sell all of its equity interests in its China
subsidiaries focused in Active Pharmaceutical Ingredient (API)
manufacturing operations, to TiHe Capital Co for ~$19.0 million
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** Co will receive at least 70% of the proceeds at closing,
followed by 20% within three months after the closing date, and
the remaining balance within six months after the closing
** Proceeds from the transaction will be used for paying
debt and business operations- ATNX
** Stock was down ~59% YTD, as of last close
(Reporting by Rithika Krishna in Bengaluru)
((Rithika.Krishna@thomsonreuters.com; Twitter: https://twitter.com/rithika_krishna;))