Innovent Biologics (HKG:1801) unit Fortvita Biologics agreed to issue and sell 12,808,337 new series pre-A preferred shares to affiliate Lostrancos Ventures for $20.5 million, an Oct. 25 bourse filing said.

Following the completion of the issue, pharmaceutical firm Innovent Biologics' equity interest in Fortvita Biologics will be diluted to 80% from 100% previously.

Shares of the firm closed nearly 13% lower on Monday.

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