FREMONT, CA, April 18, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire — ABVC BioPharma, Inc. (NASDAQ: ABVC) ("Company"), a clinical-stage biopharmaceutical company developing therapeutic solutions in ophthalmology, CNS (central nervous systems), and Oncology/Hematology, announced today that the Company's subsidiary AiBtl BioPharma Inc. acquired TT Life Company, an established player in the precision medicine industry. The acquisition includes Malaysian Import Trading Company, Direct Sales Company, and Taiwanese Direct Sales Company, which are estimated to be approximately equivalent to $8.33M. AiBtl purchased 100% shares of TT Life by swapping its 1.66M shares at $5 per share. This strategic move positions AiBtl to expand its portfolio further and accelerate innovation in the rapidly growing precision medicine market while consolidating the financials, including the revenue, profit, and cash flow, with TT Life.
The acquisition of TT Life Company brings together AiBtl's global development and scaling business expertise with TT Life's recognized design and manufacturing capabilities in precision medicine. Through this synergy, AiBtl aims to deliver groundbreaking products integrating AI intelligence with everyday life, enhancing consumers' convenience, efficiency, and wellness worldwide.
"We are thrilled about the opportunities that have opened up after this acquisition," said Russman Jaimes, CEO of AiBtl. "This acquisition strengthens our team and product pipeline in the precision medicine market. By combining our strengths, we demonstrate our commitment to driving innovation while incorporating new technologies into healthcare and improving patient care."
The acquisition is expected to bring about synergies in research and development, manufacturing, distribution, and financial strength, enabling AiBtl to introduce a diverse range of AI-powered precision medicine tailored to various consumer needs. Leveraging TT Life Company's product design and manufacturing expertise, AiBtl aims to accelerate the development and commercialization of next-generation precision medicine AI solutions that redefine how people interact with treatment.
"We are excited about the opportunities ahead as part of AiBtl. ABVC currently holds 59% consolidated shares of AiBtl. The revenue and profit, as well as the financial resources that AiBtl brings in from TT Life, will, in turn, benefit ABVC's financial statements," said Dr. Uttam Patil, ABVC's Chief Executive Officer. "By joining forces, we can leverage our strengths to create innovative products that enrich and simplify consumers' lives worldwide. Together, we will shape the future of precision medicine AI solutions. We look forward to seeing the opportunities AiBtl and TT Life created."
For more information about AiBtl and its products and services, please visit https://www.aibtlpharma.com/
Share valuations set forth herein are based on private negotiations between the parties and are not based on third-party or market prices.
About AiBtl BioPharma Inc. (AiBtl)
AiBtl is a US company registered in Delaware to integrate the health and resort industries. Additionally, the venture will capitalize on development revenues within the Asia Economic Development Zone, primarily through land lease income. With a focus on delivering cutting-edge AI-powered products and services, AiBtl is committed to driving innovation and shaping the future of AI across various industries. AiBtl's Licensed Products for MDD and ADHD from ABVC, with a $667M valuation by a third-party evaluation, are determined to work to strengthen its new drug development and business collaboration. https://www.aibtlpharma.com/
About TT Life Company
TT Life Company is a renowned player in the precision medicine industry, known for its expertise in designing and manufacturing innovative precision solutions that enhance consumers' lives. TT Life is a marketing and sales (direct sales) Company that produces its proprietary cell-related products, such as mitochondrion and cell-derived exosomes. It focuses on precision medicine and healthcare tailored to personal needs. The marketing team is well known in Asia, particularly in Malaysia. Its targeted sales in 2024 are set at $10M, with net profits of 11%. With a focus on combining style and functionality, TT Life Company is committed to delivering high-quality products that seamlessly integrate into everyday life. https://ttlifeglobal.com/
For more information about ABVC and its subsidiaries, stay updated on the latest updates or visit https://abvcpharma.com. ABVC urges its shareholders to sign up on the Company's website for the latest news alerts; visit https://abvcpharma.com/?page_id=17707
About ABVC BioPharma & Its Industry
ABVC BioPharma is a clinical-stage biopharmaceutical company with an active pipeline of six drugs and one medical device (ABV-1701/Vitargus®) under development. For its drug products, the Company utilizes in-licensed medicine from its network of world-renowned research institutions to conduct proof-of-concept trials through Phase II of clinical development. The Company's network of research institutions includes Stanford University, the University of California at San Francisco, and Cedars-Sinai Medical Center. For Vitargus®, the Company intends to conduct global clinical trials through Phase III.
Forward-Looking Statements
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. None of the outcomes expressed herein are guaranteed. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our product candidates on a commercial scale on our own, or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; and (v) difficulties in securing regulatory approval to proceed to the next level of the clinical trials or to market our product candidates. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors are urged to read these documents free of charge on the SEC's website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
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Contact:
Leeds Chow
Email: leedschow@ambrivis.com
