ABVC - ABVC BioPharma Signs Global Licensing Term Sheet for Its Oncology/Hematology Products

2024-04-10 08:45:46 ET

DENVER, Colo., Apr 10, 2024 ( 247marketnews.com )- ABVC BioPharma, Inc. (NASDAQ: ABVC ) stated that it entered into a term sheet with OncoX BioPharma, Inc. for ABVC’s Oncology/Hematology pipeline and is set to receive $50,000,000 as licensing fees in the form of Cash/Shares within 30 days of execution of the Definitive Agreement, plus an additional milestone payment of $5,000,000 in cash after the first fundraising round and Royalties of 5% of net sales, up to $50,000,000, after the launch of the Licensed Products.

“We are thrilled to announce that the term sheet for a potential groundbreaking licensing deal with OncoX has been successfully executed. The agreement sets the stage for a strategic partnership that we hope will revolutionize the Oncology/Hematology sector with our products that are valued at $105M by third-party valuer,” stated Dr. Uttam Patil, ABVC’s Chief Executive Officer.  “After extensive negotiations and meticulous legal scrutiny, both parties have reached mutually beneficial terms that pave the way for a collaborative venture we believe is poised to redefine industry standards and drive innovation. This licensing deal marks a significant milestone for ABVC and OncoX, affirming their commitment to excellence and shared vision for the future. By leveraging each other’s strengths, resources, and expertise, the partnership is set to unlock new opportunities and create unparalleled value for stakeholders.”

“We are delighted to formalize this partnership with ABVC,” said Wen-Pin Yen, CEO of OncoX. “This collaboration underscores our dedication to delivering cutting-edge solutions and reinforces our position in the Oncology/Hematology sector. We believe we are poised to profoundly impact and shape the Oncology/Hematology sector’s future.”

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