VIVA Biotech said it will use the net proceeds to redeem convertible bonds in a bid "to settle its outstanding liabilities without occupying its internal resources."
The deal included capital injection into VIVA Shanghai by new investors and sale of existing interest in VIVA Shanghai from Viva Investment, another unit of VIVA Biotech, the filing showed.
Ltd, will altogether hold 17.55% stake in VIVA Shanghai after the deal, according the filing.
HLC SPV and Qingdao Hongyi, both linked to HighLight Capital, will obtain a total of 6.66% stake from the transaction.
VIVA Biotech has initiated a restructuring which will transfer all assets and personnel related to its early-stage drug discovery business to VIVA Shanghai, and move out of the Shanghai unit any assets and personnel related to drug development and manufacturing service, the filing showed.
Persons:
Roxanne Liu, Kane Wu, Stephen Coates
Organizations:
Singapore's Temasek, Capital, VIVA Biotech Holdings, HK, VIVA, VIVA Shanghai, VIVA Biotech, Viva Investment, Daxue Investments, Temasek Holdings, Temasek, Ltd, SPV, Qingdao Hongyi, Investors, Thomson
Locations:
Shanghai, Viva