Transgene pockets $22.2 million from selling part of stake in Tasly

Shares of French biotech Transgene (Euronext Paris: TNG) were up 8.6% at 1.62 euros this morning, after the company revealed late Tuesday that it has raised $22.2 billion 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 China-based 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 latter’s capital. Transgene’s remaining shareholding in Tasly BioPharmaceuticals would be valued at around $36.9 million based on the price of the current share sale.