|By PR Newswire||
|February 27, 2014 04:59 PM EST||
LURE, FRANCE and BELLEVILLE, ON, Feb. 27, 2014 /PRNewswire/ - Vétoquinol (NYSE Euronext Paris: VETO) and Bioniche Life Sciences Inc. (TSX: BNC), today jointly announced their signing of a share purchase agreement under which Vétoquinol has agreed to purchase Bioniche's Animal Health business for the cash purchase price of CAD$61 million. This agreement remains subject to the approval by shareholders of Bioniche Life Sciences Inc., and the usual closing conditions for a transaction of this type. The Boards of Directors of both corporations have approved the binding agreement, and notice of a special Bioniche shareholder meeting will be forthcoming.
"We look forward to the integration of Bioniche Animal Health business into our organization", said Vétoquinol's CEO Matthieu Frechin. "This acquisition is a new milestone in the implementation of our long term strategic plan. It will represent a significant reinforcement of our portfolio of products with immediate synergies in Canada and the U.S., and mid-term prospects in other markets."
"In May, 2013, Bioniche Life Sciences Inc. began a formal process to divest our animal health business," said Dr. Michael Berendt, CEO of Bioniche Life Sciences Inc. "This divestment is the logical progression of our corporate strategy to create a well-capitalized company focused on human health," added Dr. Berendt. "Our goal is the successful commercialization of our Phase III bladder cancer therapy, Urocidin™, and the addition of another oncology asset to our development pipeline."
The Bioniche Animal Health divestment process was led by Evercore, a U.S.-based independent advisory firm that specializes in merger and acquisition transactions, divestitures, and restructurings.
Vétoquinol is an independent, family-owned business, global player in the animal health sector serving both the livestock (cattle and swine) and pet (dogs and cats) markets.
Vétoquinol designs, develops and sells veterinary drugs and non-medicinal products in Europe, the Americas and the Asia Pacific region.
Since its foundation in 1933, Vétoquinol has pursued a strategy combining innovation and geographical diversification. The Group's hybrid growth is driven by the reinforcement of its product portfolio coupled with acquisitions in high growth markets. Vétoquinol employs over 1,850 people globally.
Vétoquinol has been listed on NYSE Euronext Paris since 2006 (symbol: VETO).
For more information: www.vetoquinol.com.
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a clinical stage Canadian biopharmaceutical company focused on the discovery, development, manufacturing, and marketing of proprietary and innovative products for the global human health market. The Company's primary goal is to develop and commercialize products that advance human health and increase shareholder value.
Bioniche Animal Health develops, manufactures and markets veterinary biopharmaceutical products worldwide. In North America, it has development, manufacturing and marketing facilities in Belleville, Ontario, Canada, Athens, Georgia, U.S.A. and Pullman, Washington, U.S.A. In Australia, business is conducted from Armidale, New South Wales, where research, development and manufacturing facilities are located.
For more information, please visit www.Bioniche.com.
Except for historical information, this news release may contain forward-looking statements that reflect the Company's current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting.
Our business: animals. Our advantage: people.
SOURCE Bioniche Life Sciences Inc.