Bioniche Life Sciences sells Animal Health business to Vétoquinol

Apr 16 2014

Vétoquinol (NYSE Euronext Paris: VETO) and Bioniche Life Sciences Inc. (TSX: BNC), today jointly announced the closing of the sale of Bioniche's Animal Health business to Vétoquinol. The two companies announced the signing of a share purchase agreement in February that was subject to the approval of Bioniche shareholders. At a Special Meeting of Shareholders held yesterday, 97.4% of the Shares that were voted were in favour of the transaction.

The terms of the share purchase agreement were disclosed on February 27, 2014.

"We are very pleased with the positive outcome of the Bioniche shareholders' vote," said Vetoquinol CEO's Matthieu Frechin. "This acquisition is a new milestone in the implementation of our long term strategy; it will strengthen our portfolio of products with immediate synergies in Canada and the U.S. and mid-term prospects in other markets."

"The sale of our Animal Health business to Vétoquinol addresses a key strategic objective of reducing our debt load and streamlining our corporate focus," said Dr. Michael Berendt, CEO of Bioniche Life Sciences Inc. "Our focus is now human therapeutics, with our Phase III bladder cancer therapy, Urocidin™, as our core franchise. We will maximize the underlying MCNA technology by seeking new indications beyond bladder cancer, and we will look for additional human therapeutic assets that will leverage our internal skillset and knowledge and enhance shareholder value."