Shanghai Fosun Pharmaceutical Group Co., Ltd (SHA: 600196; HKG: 2196) and Kite Pharma, a subsidiary of Gilead, have announced plans to bolster their joint venture, Fosun Kite Biotechnology Co., Ltd, through a capital increase. This will be achieved by proportionally converting their existing debt into equity, amounting to USD 28.5 million.
Following the transaction, Fosun Kite’s registered capital is expected to rise from USD 214 million to USD 271 million. Both Fosun and Kite Pharma will maintain their respective 50% ownership stakes in the company, which is dedicated to the development of chimeric antigen receptor (CAR) T cell therapies. The funds generated from this capital increase will be directed towards the commercialization of Kite Pharma’s products and the advancement of its pipeline.- Flcube.com
