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Viva Biotech tallies repurchases of 1% convertibles due 2025
By Mary-Katherine Stinson
Lexington, Ky., Oct. 13 – Viva Biotech Holdings reported as of Oct. 13 it has repurchased $43 million of its $280 million 1% guaranteed convertible bonds due 2025 via open market transactions, according to a company notice.
The bonds were issued in December 2020 by wholly owned subsidiary Viva Biotech Investment Management Ltd.
The repurchased convertibles would have converted into 28,644,126 shares of the company, representing approximately 15.36% of the total principal amount originally issued.
The notice indicated that the company’s board believes that the buybacks and subsequent cancellation of the bonds will have no material impact on the company’s financial position and may enhance shareholders’ return.
The company expects to cancel the repurchased convertibles as soon as possible, leaving a total of $237 million outstanding.
Viva Biotech is a Shanghai-based pre-discovery drug discovery service provider.
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