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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.
February 27, 2014 - Vetoquinol
