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Financings in Brief: Genelabs Technologies

This article was originally published in The Gray Sheet

Executive Summary

Genelabs Technologies: Firm's joint venture with the government of Taiwan, Genelabs Biotechnology Ltd., completes $14.6 mil. initial phase of financing. The venture, in which Genelabs has 40% interest, Taiwan 35% and private investors 25%, "plans to focus on the late stage development, manufacture and commercialization of newly developed or formulated pharmaceuticals, vaccines and other health care products for the Asian market," Genelabs states. Genelabs contributed roughly $4.9 mil. as well as "certain technologies" to the initial financing. Taiwan contributed $5.7 mil.; investors added $4 mil. An investment plan announced in July calls for a total capitalization of about $32.4 mil. "including cash and technology." The balance of commitments will be invested within two years "under certain conditions," Genelabs states...

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