Strasbourg, France, August 4, 2020, 5:45 p.m. CET - Transgene (Euronext Paris: TNG), a biotech company that designs and develops virus-based immunotherapies for the treatment of cancer, announces that it has raised $22.2 million (€ 19 million) from the sale of 10.3 million shares of its minority stake in Tasly BioPharmaceuticals to a Chinese investment fund. The shares that have been sold represent 38% of Transgene's total holding in Tasly BioPharmaceuticals. The transaction enhances the Company's cash position and strengthens its financial visibility until 2022.
Following this share sale, Transgene holds 17.1 million shares in Tasly BioPharmaceuticals, equivalent to 1.58% of the Chinese company's capital. Transgene's remaining shareholding in Tasly BioPharmaceuticals would be valued at approximately $36.9 million based on the price of the current share sale.
In May 2020, Tasly Pharmaceuticals announced its plan to list its subsidiary Tasly Biopharmaceuticals on the Shanghai Stock Exchange's Star Market.
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