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Vétoquinol to Acquire the Animal Health Business of Bioniche Life Sciences Inc.
|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
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:
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
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
Our business: animals. Our advantage: people.
SOURCE Bioniche Life Sciences Inc.
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