GALWAY, Ireland, May 23 /PRNewswire/ -- Bioniche Pharma Group Limited (“Bioniche Pharma”), a leading developer and manufacturer of injectable pharmaceuticals, announced today that it has completed the acquisition of three branded products; Cystistat(TM), RIMSO-50(TM) and Cryoserv(TM). Cystistat was purchased for CND$10 million. Financial terms of the RIMSO-50 and Cryoserv acquisitions were not disclosed.
Cystistat (sodium hyaluronate solution) was purchased from Bioniche Lifesciences, Inc. (“BLSI”), the former parent company of Bioniche Pharma. Cystistat is a patented, frontline therapy for Interstitial Cystitis, and other glycosaminoglycan (“GAG”) layer deficiencies of the bladder. The product is sold in Europe, Canada, and other international markets.
RIMSO-50 and Cryoserv were purchased from Edwards Life Sciences (“Edwards”). Both share the same active pharmaceutical ingredient, dimethyl sulfoxide (“DMSO”). RIMSO-50 is a bladder instillation product and is a leading treatment for Interstitial Cystitis in the United States and Canada. Cryoserv is used as a stem cell preservation agent and is sold primarily in the United States with some sales in Europe. Both of these products will be manufactured in Bioniche Pharma’s Galway facility.
“We are extremely pleased and enthusiastic about the addition of these products to Bioniche Pharma,” said Albert Beraldo, Chief Executive Officer of Bioniche Pharma. “The three products, Cystistat, RIMSO-50, and Cryoserv are synergistic additions to the Bioniche Pharma line and further our strategy of focusing on attractive niche markets. Together, Cystistat and RIMSO-50 provide a global footprint in urology while Cryoserv gives us entry into the growing market of stem-cell preservation. Our familiarity with the manufacturing of these products and our state of the art facilities will ensure that there is no disruption in the market supply of the products to customers and suppliers.”
RoundTable Healthcare Partners, Bioniche Pharma’s majority shareholder, worked closely with the Company’s management to identify and execute the transactions.
About Bioniche Pharma Group Limited
Bioniche Pharma is a leading developer and manufacturer of injectable pharmaceutical products. The Company sells a broad range of generic products into the U.S. and Canadian markets. The Company also sells several branded products in the U.S. and globally. Bioniche Pharma’s products serve both the primary care and hospital markets. The Company operates from a state-of-the art manufacturing facility based in Galway, Ireland.
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the healthcare industry. The partners of RoundTable have significant experience in managing, operating, acquiring and financing multibillion-dollar diversified healthcare companies. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. RoundTable currently manages two equity funds totaling $900 million in capital. More information about RoundTable Healthcare Partners can be found at http://www.roundtablehp.com .
Bioniche Pharma Group Limited
CONTACT: Albert Beraldo for Bioniche Pharma Group Limited,+1-514-426-4673, x2011
Web site: http://www.roundtablehp.com/
