Bioniche to acquire Plasvaac Holdings
Tuesday, 05 July, 2011
Bioniche Life Sciences (ASX: BNC) today announced it intends to acquire Australian equine and canine hyperimmune plasma production and distribution company, Plasvacc Holdings for an undisclosed sum. The assets to be acquired include inventories, property, plant, equipment and intellectual property owned by Plasvacc and its subsidiaries.
According to Bioniche, 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.
“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.
“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.”
The transaction is expected to close later this month, conditional on the usual due diligence and regulatory approval processes.
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