Transgene Completes the Sale of the Greater China Rights of TG6002 and TG1050 to Tasly Biopharmaceuticals for $48 Million in Newly-Issued Shares
Transgene (Euronext Paris: TNG), a biotech company that designs and develops virus-based immunotherapies against cancers and infectious diseases, today announces the completion of the transactions signed with Tasly Biopharmaceuticals. Co. Ltd. (“Tasly Biopharmaceuticals”) on July 10, 2018. These agreements demonstrate the significant potential of the novel oncolytic virus TG6002 and the chronic hepatitis B therapeutic vaccine TG1050, on which the regional products T601 and T1011 are based. T601 and T101 are now being developed by Tasly Biopharmaceuticals for patients in Greater China.
All closing conditions including completion of the administrative transfer of the assets contributed by Transgene to Tasly Biopharmaceuticals have been completed and 27.4 million newly-issued shares of Tasly Biopharmaceuticals valued at $48 million have been delivered to Transgene.
As a result of the transactions, Transgene holds approximately 2.53% of the outstanding capital of Tasly Biopharmaceuticals, which announced its intention to float on the Hong Kong Stock Exchange. Tasly Biopharmaceuticals controls all research, development and commercial rights to T601 and T101 in Greater China.
Transgene continues to develop TG6002 and TG1050 outside of Greater China.
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