Kaituo Pharmaceutical-B (09939) issued an announcement. On April 25, 2024, the seller Kaituo Pharmaceutical (Zhejiang) had...
According to Zhitong Finance App, Kaituo Pharmaceutical-B (09939) announced that on April 25, 2024, the seller Kaituo Pharmaceutical (Zhejiang) Co., Ltd. (a wholly-owned subsidiary between the companies) signed an agreement with the buyer Zhejiang Dushan Port Economic Development Zone Management Committee. According to the agreement, the seller agreed to return the land use rights located in Pinghu City, Zhejiang Province, China, at a cost of about RMB 26.07 million.
The land is located on a number of land use rights on the south side of Zhongshan Road and the west side of Huigang Road in the Dushan Port Economic Development Zone, Pinghu City, Zhejiang Province, China. The area is about 40,000 square meters.
The announcement stated that after the seller obtained the right to use the land, the land was not actually developed due to the COVID-19 global pandemic and adjustments to the company's new drug development strategy. After considering the company's comprehensive development strategy and fully negotiating with the buyer, both parties agreed to return the matter. The board of directors believes that the refund can release cash flow for the development and commercialization of the company's core products, which is consistent with the Group's strategic goals and long-term plans for continuous development.