Viva Biotech updates repurchases of 1% convertibles due 2025

By William Gullotti

Buffalo, N.Y., Nov. 20 – Viva Biotech Holdings as of Nov. 20 has repurchased an additional $56.3 million of its $280 million 1% guaranteed convertible bonds due 2025 via open market transactions, according to a company notice on Monday.

The bonds were issued in December 2020 by wholly owned subsidiary Viva Biotech Investment Management Ltd.

With the latest buybacks, the company has repurchased a total of $109.3 million of the convertibles, which would have converted into 72,809,372 shares of the company, representing approximately 39.04% 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 $170.7 million outstanding.

Viva Biotech is a Shanghai-based pre-discovery drug discovery service provider.

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