HWGB Biotech is venturing into biotech investment in US
KUALA LUMPUR, July 6, 2020 - Following the engagement
of principal lawyer of Foster Garvey PC to explore business opportunities in US
healthcare industry, HWGB Biotech Sdn Bhd is pleased to announce that its chief
consultant committee is also venturing into biotech investment in the US.
HWGB Biotech Sdn Bhd, formerly known as HWG Consortium
Sdn Bhd, is a wholly-owned subsidiary of main-board listed company Ho Wah
Genting Berhad (HWGB, 9601). The group has recently proposed diversification of
its existing businesses to include the healthcare-related industry such as the
dietary supplement, biotechnology and healthcare technology sub-segments.
Last week, the company engaged Jeffrey Qiong Li, the
principal lawyer of Foster Garvey PC to help exploring business opportunities
in the US healthcare industry. By leveraging Mr. Jeffrey Qiong Li’s extensive
business network in both US and China, HWGB Biotech Sdn Bhd hopes that it is
able to venture into the healthcare industry worldwide, especially to the US
“Data shows that the market size, measured by revenue,
of the biotechnology industry in the US is $108.2bn in 2020 . Our company,
therefore, is very excited to be able to tap into this huge market potential of
the industry, and looking into biotech investment in the US,” HWGB Biotech said
in a statement.
In view of this, the company has earlier appointed
certain consultants with relevant experience in the healthcare and technology
industry to advise the management with regards to matters involving healthcare
and biotechnology. Please see our circular to shareholders in relation to the
proposed diversification of the existing businesses of HWGB and its
subsidiaries to include the healthcare related business for details .
The company’s chief consultant committee is composed
of the above-mentioned experts in the field of health technology, medical,
sales and marketing strategies, and healthcare related laws and regulation.
HWGB BioTech aims to
provide a comprehensive range of big health products and solutions that adopts
a preventive measure readily available to improve the livelihood of Malaysians.
Foster Garvey PC
was established through the combination of Foster Pepper PLLC and Garvey
Schubert Barer, PC, in 2019. Foster Garvey is one of the largest firms based in
the Pacific Northwest with six offices in Seattle, Portland, Washington, D.C.,
New York, Spokane and Beijing. The firm provides clients, including several of
the most influential and innovative companies, governments and individuals in
the country, with an extended national and international reach across the full
spectrum of legal services.
Jeffrey has extensive
experience assisting companies in their capital-raising activities, including
public offerings of equity and debt securities, private placements and
registered direct offerings.
Jeffrey is the Co-Chair
of the firm’s China Practice, and represents China companies on their outbound
investments and mergers and acquisitions in the United States. He has advised
Chinese strategic buyers (operating companies) and private equity funds in their
acquisitions of chemical, pharmaceutical and machinery companies in the United
States. Jeffrey has advised Chinese companies on corporate laws, including
formation of new companies and establishment of joint ventures in the United
States. In addition, he has advised U.S. companies on Chinese corporate and
foreign investment laws, such as stock acquisition of Chinese companies, and
has assisted in patent litigation and licensing in China.