Foresee Pharmaceuticals announced on the 15th that the board of directors has approved the acquisition of 213,511 shares of its wholly-owned subsidiary, Foresee Pharmaceuticals USA, Inc., for a price of 21,351,1300 US dollars (approximately NT$675 million) using the company's new chemical entity (NCE) as the specialty technology, officially launching a dual-track development strategy in Taiwan and the United States.
Foresee Pharmaceuticals also announced that the original cash increase plan for 2023 was intended to enhance operational funds. To strengthen the technical capabilities of its U.S. subsidiary, it plans to allocate 247 million NTD to this U.S. subsidiary, which is less than 20% of the total funds raised in that round.
Foresee Pharmaceuticals's chairman, Chien Ming-ta, revealed in December last year that Foresee Pharmaceuticals planned to adopt a dual-track development strategy starting this year. On the one hand, it would expand capital investment in its U.S. subsidiary. Furthermore, in the first half of this year, it would transfer the ownership of a series of NCEs to its U.S. subsidiary, while the Taiwan parent company retained ownership of the Stable Injectable Formulation (SIF) platform.
Chien Ming-ta stated that the development timeline for SIF drugs is faster, making it more attractive to investors in the Taiwan capital market. In contrast, the development timeline for the series of NCE products that Foresee Pharmaceuticals is currently developing is longer. Therefore, starting this year, the company plans to transfer these new drug projects to its U.S. subsidiary. Foresee Pharmaceuticals will also increase the investment limit for its U.S. subsidiary. The medium to long-term goal of Foresee Pharmaceuticals is to list its U.S. subsidiary on the Nasdaq market.
Foresee Pharmaceuticals stated that the United States is the world's largest pharmaceutical market and the preferred first market for most new drugs. It also gathers the most biotech and medical professional research institutions. Considering that Foresee Pharmaceuticals's main source of revenue is from external authorization, to strengthen the new drug R&D capabilities of its U.S. subsidiary, it is more effective to cultivate the U.S. market nearby and reasonably reduce the operating costs related to authorization taxes. Therefore, the wholly-owned subsidiary Foresee USA was selected as the counterparty for the transaction.
Foresee Pharmaceuticals's announcement stated that on February 17, 2015, the company purchased the patent rights for MMP-12 inhibitors for the treatment of chronic obstructive pulmonary disease (COPD) from its parent company, Foresee Pharmaceuticals, Inc. (Foresee Cayman), for $200,000.
Foresee Pharmaceuticals later, on November 9, 2016, acquired clinical-stage products and platform technology for aldehyde dehydrogenase activators (ALDH2 Activator) from non-related party Aviv Therapeutics, Inc., for a total consideration including signing fees and product development milestone fees of up to $2,275,000, as well as future product launch or re-licensing royalty payments.
Foresee Pharmaceuticals's announcement pointed out that the specialty technology for the company's new chemical entities (NCEs) was priced at $21,351,300, and after the capital increase of 100 US dollars per share for Foresee USA, Foresee Pharmaceuticals holds 100% of the shares of Foresee USA before and after the increase. After the capital increase, Foresee Pharmaceuticals's shareholding in Foresee USA increased from 520,000 shares to 733,513 shares, with a total amount of $22,351,301, and Foresee Pharmaceuticals's shareholding in Foresee USA remains at 100%, without any restricted rights.
Resource (Mandarin): 逸達雙軌發展策略動起來 通過 NCE 技術讓與美國子公司
