ABVC BioPharma acquires $2.96M worth of land in Asia

ABVC BioPharma signed a definitive agreement to acquire real estate in Taoyuan City, Taiwan. The acquisition of real estate assets, estimated at approximately $2.96 million via an equity transfer of $3.50 per share, is to develop plant factories for ABVC‘s botanical pipeline strategically; ABVC hopes the property will ultimately be used as an integrated platform for the global development of the Asian healthcare business and the medical, pharmaceutical, and biotechnology industries. The acquisition aims to establish a base for Good Agricultural Practices (GAP) fields and an integrated platform for collaboration between researchers and industry leaders. ABVC will issue the current landowner shares of ABVC common stock at $3.50 per share and a warrant to purchase up to 1,000,000 shares of common stock in consideration for ownership of the property, which is estimated at $2.96 million by a third-party valuation company. This is a related party transaction since the seller is one of ABVC’s directors who owns approximately 10% of ABVC’s issued and outstanding shares of common stock and is married to ABVC’s Chief Strategic Officer.