BioProspect acquisition of Re-Gen complete
Monday, 10 August, 2009
BioProspect Limited today announced it had concluded the acquisition of Re-Gen Wellness Products, facilitating the company’s expansion into natural healthcare and skin care products with an initial focus on the fast-growing Chinese market.
Under the Share Sale Agreement signed with Re-Gen, a nominal upfront payment will be made to owner Mr Howard Fox, with additional payments contingent on sales performance and contribution to cash flow over a six-year period.
Based in Melbourne, Re-Gen is a specialist provider of skin care and human health products based on natural Australian ingredients, including emu oil.
BioProspect CEO Peter May said the agreement was structured to ensure maximum benefit for shareholders, and followed three months of due diligence, including market research and development activities in China. Re-Gen is to continue operations as a wholly owned subsidiary, with all intellectual property in Australia and overseas acquired by BioProspect.
“Re-Gen has already secured a number of product approvals from the Chinese Ministry of Health, and we are targeting sales for Christmas and the Chinese New Year period,” Mr May said.
The Chinese cosmetics market, including skin care, is forecast to reach annual sales of $20 billion by 2010. The healthcare market was estimated at $6.5 billion in 2005 for traditional medicines alone, and is set to reach $11 billion by 2015.
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