What's Going On With ABVC BioPharma Stock?

ABVC BioPharma, Inc. ABVC shares are rocketing higher Tuesday. The company announced the signing of a legally binding term sheet with Chinese pharmaceutical company, Xinnovation Therapeutics Co., Ltd.

What To Know:

ABVC BioPharma announced that it has signed a term sheet with Xinnovation Therapeutics for the exclusive licensing of ABV-1504 for Major Depressive Disorder (MDD) and ABV-1505 for Attention-Deficit/Hyperactivity Disorder in mainland China.

The agreement allows for licensing fee income of $20 million and royalty income of 5% to 12% of net sales for ABVC BioPharma.

On Monday, ABVC announced the closing of a registered direct offering in which a single institutional investor acquired $1.75 million worth of the company's common stock.

Shares of ABVC are moving higher on very heavy trading volume. According to data from Benzinga Pro, more than 7.5 million shares have been traded in the session, far exceeding the stock's 100-day average of 560,974 shares.

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ABVC Price Action: According to Benzinga Pro, ABVC shares are trading over 40% higher at $3.50 at the time of publication.

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