|By PR Newswire||
|April 15, 2014 09:00 PM EDT||
LURE, FRANCE and BELLEVILLE, ON, April 15, 2014 /PRNewswire/ - Vétoquinol (NYSE Euronext Paris: VETO) and Bioniche Life Sciences Inc. (TSX: BNC), today jointly announced the closing of the sale of Bioniche's Animal Health business to Vétoquinol. The two companies announced the signing of a share purchase agreement in February that was subject to the approval of Bioniche shareholders. At a Special Meeting of Shareholders held yesterday, 97.4% of the Shares that were voted were in favour of the transaction.
The terms of the share purchase agreement were disclosed on February 27, 2014.
"We are very pleased with the positive outcome of the Bioniche shareholders' vote," said Vetoquinol CEO's Matthieu Frechin. "This acquisition is a new milestone in the implementation of our long term strategy; it will strengthen our portfolio of products with immediate synergies in Canada and the U.S. and mid-term prospects in other markets."
"The sale of our Animal Health business to Vétoquinol addresses a key strategic objective of reducing our debt load and streamlining our corporate focus," said Dr. Michael Berendt, CEO of Bioniche Life Sciences Inc. "Our focus is now human therapeutics, with our Phase III bladder cancer therapy, Urocidin™, as our core franchise. We will maximize the underlying MCNA technology by seeking new indications beyond bladder cancer, and we will look for additional human therapeutic assets that will leverage our internal skillset and knowledge and enhance shareholder value."
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 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.