Belite Bio, Inc(NASDAQ: BLTE), a San Diego based clinical stage biopharmaceutical drug development company targeting currently untreatable eye diseases, today announced that it has entered into a subscription agreement with its wholly owned subsidiary, Belite Bio (HK) Limited ("Belite HK"), for assignment of Belite Bio's rights, title, interests and obligations under the exclusive license agreement with Trustees of Columbia University in the City of New York ("Columbia University"), in consideration for subscription of Belite HK's ordinary shares.
The foregoing assignment to Belite HK, Belite Bio's wholly owned subsidiary, was aimed to optimize the tax structure of the Company and, in the event that the Company enters into any sub-licensing or collaboration in the future, to fulfill the economic substance requirements under the Cayman Islands law. This assignment will not affect Belite Bio's business and operations.
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