LURE, FRANCE
and BELLEVILLE, ON, Feb. 27, 2014 /CNW/ - 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.
About Vétoquinol
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.