Summary by Moomoo AI
Kangfang Biotechnology (Cayman) Co., Ltd. (“Kangfang Biotech”) announced on 8 February 2024 that its wholly-owned subsidiary Zhongshan Kangfang Biopharmaceuticals Limited (the “Buyer”) and Dongrai Bio-Investment Development (Asia) Limited (the “Seller”) entered into an equity transfer agreement, the Buyer Owned 35% shareholding in Regenerational Oriental. The transaction makes Hong Kong Oriental an indirect wholly-owned subsidiary of Kangfang Bios. The transaction cost RMB267,387,280.82 and is expected to be paid using the Group's internal resources. Hong Kong Eastern is primarily engaged in the development of innovative drug products, including Inuccinate (AK102), which has submitted a new marketing application, and Placetic Anti (AK109), which is in Phase II clinical trials. Kangfang Bio said that the acquisition will contribute to future commercialisation and capacity utilisation, and will leverage the Group's cost and synergies in R&D, production and commercialisation. The Board considers that the terms of the transaction are fair and reasonable and in the overall interests of the Company and its shareholders.