Bio-Light Israeli Life Sciences Investments Ltd. (TASE:BOLT), which invests in, manages and commercializes biomedical innovations in ophthalmology and cancer diagnostics, announced today an agreement to enter into a strategic partnership with Hong Kong-based Rock-One International Holdings Ltd., a holding company specializing in investment activities, including in the high tech and biomedical industries. The agreement will help BioLight maximize its presence within the Chinese market, the second largest healthcare market in the world after the US.
Under the agreement, BioLight will issue a private placement of ordinary shares to Rock-One, which will account for approximately 19% of BioLight’s issued and outstanding shares following the private placement. Rock-One’s equity investment will total approximately $6.2 million, a 12% premium over the average closing price of BioLight shares in the 30-days prior to signing the investment agreement.
The parties will also form a Joint Venture. The newly formed JV will be fully financed by Rock-One and granted exclusive manufacturing rights for BioLight’s products distributed within China. The JV will also promote collaboration between Chinese and Israeli academies to develop future products.
“We are excited to enter into this strategic partnership with Rock-One. They have built an impressive manufacturing, distribution and sales presence in China that will enable BioLight to maximize sales of our products in the world’s second largest economy,” said BioLight CEO Susana Nahum Zilberberg, “Rock-One has a history of successful international collaborations and vast experience and understanding of China's unique regulatory requirements. This partnership marks an important milestone for BioLight and should increase our global footprint significantly.”
“We are pleased to enter into this strategic partnership with BioLight, a company with an established track record of developing and fostering innovation in medical technology. By combining Rock-One's track record of commercial experience with BioLight’s portfolio of exciting healthcare products, we believe that our new joint venture is well-positioned for success in the Chinese market,” said Rock-One founder and CEO Patrick Lau.
Bio-Light's share price is currently up 4.3% on the Tel Aviv Stock Exchange.
Published by Globes [online], Israel business news - www.globes-online.com - on April 2, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015