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Viva Biotech buys back $30 million of 1% convertibles due 2025
By William Gullotti
Buffalo, N.Y., Aug. 1 – Viva Biotech Holdings repurchased $30 million of its $280 million 1% guaranteed convertible bonds due 2025 on the open market, according to a company notice on Monday.
The bonds were issued in December 2020 by wholly owned subsidiary Viva Biotech Investment Management Ltd.
According to the notice, the transactions took place between Jan. 24 and July 29 and represent 10.71% of the initial issue.
The repurchased convertibles would have converted into 19,984,274 shares of the company. The notice indicated that the company’s board believes that the buyback 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 $250 million outstanding.
Viva Biotech is a Shanghai-based pre-discovery drug discovery service provider.
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