Bioniche Life Sciences Inc. Has Agreed to Acquire Plasvacc Holdings Limited of Australia
The assets to be acquired include inventories, property, plant, equipment, and intellectual property owned by Plasvacc and its subsidiaries. The transaction is conditional upon satisfactory completion of customary due diligence, receipt of regulatory approvals, and the signing of definitive transaction documents. The transaction is expected to close later this month.
The acquisition of the business and assets of Plasvacc will meet Bioniche's objective of selectively acquiring rights to commercially-important animal health products and technologies. This was one of the stated uses of proceeds for Bioniche's C$28.9 million concurrent financings in Canada and Australia, completed earlier this year. This acquisition will contribute to the growth of Bioniche's revenue-generating animal health business unit.
"Plasvacc has developed high quality, patented and registered serum-derived products that are selling in the Australian and North American markets today," said Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. "These products fit perfectly with the business of our existing Australian animal health operations, based in Armidale, New South Wales. They also align with our corporate interest in developing immune stimulant products to reinforce an animal's own immune system to prevent disease. We see many opportunities to build on the solid reputation of Plasvacc's products in combination with ours and to expand into additional global markets."
"We feel confident our quality portfolio of products fits with those of Bioniche Life Sciences Inc.," said Andrew Macarthur, Chief Executive Officer and Co-Founder of Plasvacc Holdings Limited. "When Ross Wilson and myself co-founded Plasvacc 10 years ago, it was with a goal of providing the highest quality plasma products, abiding by strict standards of animal health and utilizing specialized technical expertise. Having achieved this, we affirm that Bioniche has an interest in further researching, developing and expanding plasma product lines whilst expanding sales through its established worldwide veterinary distribution channels."
Plasvacc products are sold in Australia, New Zealand, Asia, Canada and the United States. These products include:
- Equiplas® - to supplement the immune system of horses;
- Equiplas-E® - to prevent Endotoxaemia in horses, a potentially fatal condition;
- Equiplas-R® - to prevent contraction of Rhodococcus equi infection by foals, a condition that can lead to life-long lung complications);
- Camelplas® - to supplement the immune system of alpacas, llama and camelid species;
- Caniplas® - to treat a variety of canine illnesses, protecting against depletion of blood clotting factors and the onset of infections;
- Rotoplas® - a trans-species product to treat Rotavirus infections, which can be fatal;
- Boviplas® - to supplement the immune system of cattle;
- Gamma Check®-E - for in-field testing of foal plasma IgG levels;
- Gamma Check®-C - screens equine colostrum for adequate gamma globulin;
- Equine RID - a lab-based test to accurately measure plasma or serium IgG levels;
- QuickTest - an in-clinic diagnostic test for canine and feline blood typing.
About Plasvacc Holdings Limited
Plasvacc is an Australian veterinary pharmaceutical company founded in 2002. Plasvacc manufactures and distributes high quality blood plasma products used to supplement the immune response system in animals. Plasma therapy shortens the course of treatments, reduces hospitalisation periods and lessens the quantity of drugs required to treat a variety of medical conditions.
Plasvacc is the only commercial producer of plasma for veterinary use in Australia and its facility, located in Queensland, is the only dedicated animal plasma production facility in the country. All Plasvacc products are registered with both the Australian Pesticide and Veterinary Medicines Authority (APVMA) and the New Zealand Food Safety Authority (NZFSA). Plasvacc is also registered with the APVMA as an approved plasma manufacturer.
Plasvacc also operates a modern equine plasma production and marketing operation in California, with seven products registered by the United States Department of Agriculture (USDA) for sale in the United States.
The techniques developed by Plasvacc to manufacture high quality plasma products have been recognised globally, with products currently supplied to over 400 clients in Australia and overseas. Plasvacc's innovative approaches, passion for animal care and commitment to quality distinguish its products in the marketplace.
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based, technology-driven Canadian biopharmaceutical company focused on the discovery, development, manufacturing, and marketing of proprietary products for human and animal health markets worldwide. The fully-integrated company employs more than 200 skilled personnel and has three operating divisions: Human Health, Animal Health, and Food Safety. The Company's aims to develop and commercialize proprietary and innovative products for human and animal health.
The Animal Health division - Bioniche Animal Health - develops, manufactures and markets animal health biopharmaceutical products worldwide. It has product development, manufacturing and marketing facilities in Belleville, Ontario, Canada; marketing and production facilities in Athens, Georgia, U.S.A.; Pullman, Washington, U.S.A.; and Armidale, New South Wales, Australia. The Australian business is conducted from two sites: Melbourne, Victoria, where sales and marketing, customer support and technical service are located; and Armidale, New South Wales, where production (manufacturing facility, farm/research and development facility) is located.
Bioniche Life Sciences Inc. has been named one of the Top 50 Best Small and Medium-Sized Employers in Canada for 2010. 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.