Biotec Pharmacon to focus on bio-pharmaceuticals - sells Immunocorp Consumer Health AS
Biotec Pharmacon ASA has reached an agreement on the sale of its wholly-owned subsidiaries Immunocorp Consumer Health AS and Immunocorp Inc. USA to the Norwegian company Sana Pharma AS for NOK 31.5 million.
Immunocorp Consumer Health has been part of Biotec Pharmacon’s non-pharmaceutical business. Immunocorp Consumer Health markets immune modulating products in the fields of food supplements and skin care, with NBG®24/7TM as the leading brand. Immunocorp Inc. is a wholly-owned subsidiary of Immunocorp Consumer Health AS, with base in California, USA, marketing non-pharmaceutical products in the US. The two companies have 15 employees and reported sales of NOK 38.9 million in 2008 and 22.0 million for the first nine months of 2009.
The sale of the subsidiaries constitutes transfer of shares and IP rights represented by patents and/or exclusive licenses, trade names and domains for use within the field of consumer health (food supplements, cosmetics and functional food). In addition the parties have signed a 5-year supply agreement, where Biotec Pharmacon from its manufacturing plant in Tromsø will source immune stimulating beta glucan (NBG) to Sana Pharma AS for use within the field of consumer health.
Biotec Pharmacon develops new pharmaceutical product candidates for treatment of immune system related diseases and has a rapidly growing business within marine biochemicals for research and diagnostic use.
The new owner of Immunocorp Consumer Health is the Norwegian company Sana Pharma AS. The company is a provider of basic food supplements.
“We believe this represents a good deal for everyone concerned,” says Lars Viksmoen, CEO of Biotec Pharmacon. “For Immunocorp Consumer Health Sana Pharma AS, a new owner with strong interests in further investments within the consumer health and skin care sectors, represents new opportunities for continued growth and development of the NBG®24/7TM product portfolio. For Biotec Pharmacon the sales provides funding for continued development of our core businesses; development of pharmaceuticals and marine biochemicals”.
The agreement related to the sale of subsidiaries between Biotec Pharmacon ASA and Sana Pharma AS is effective as of December 30, 2009. Plans call for the IP transfer agreement to be closed by mid January 2010.
Creo Advisors AS has been advisor to Biotec Pharmacon on the transaction.
