BioLight completes first stage of sale of IOPtima
BioLight Life Sciences (OTCQX:BLGTY; TASE:BOLT) has completed the first stage of the investment in and acquisition in stages of its subsidiary, IOPtima, by Chengdu Kanghong Pharmaceutical Group of China.
Under the first stage, Chengdu has made a direct investment of $7-million (U.S.) in IOPtima at a pre-money valuation of $30-million.
BioLight now holds approximately 57% of the issued and outstanding share capital of IOPtima and approximately 55% on a fully diluted basis.
Under the remaining stages of the transaction, Chengdu will purchase all the IOPtima shares from all shareholders, including BioLight.