Bioniche Engages Evercore Partners to Assist in the Divestment of its Animal Health Business
BELLEVILLE, ON, May 13, 2013 /PRNewswire/ – Bioniche Life Sciences Inc. (TSX:
BNC) (ASX: BNC), a research-based, technology-driven Canadian
biopharmaceutical company, today announced that it has engaged
U.S.-based Evercore Partners (Evercore) to assist the Board of
Directors and management in its divestment of the Animal Health
business. Evercore is a leading independent advisory firm in the U.S.
that specializes in merger and acquisition transactions, divestitures
This decision to divest the Animal Health business was taken following
several months of discussion between the Board of Directors and
management related to unlocking corporate value for the benefit of all
shareholders, and following the receipt of several unsolicited offers
to purchase the business.
“Three large Animal Health companies have now expressed interest, in
writing, in executing a purchase of the Company’s Animal Health
business,” said Mr. James Rae, Chairman of the Board of Directors of
Bioniche Life Sciences Inc. “Evercore’s track record in successfully
negotiating such transactions and its extensive network of contacts in
the animal health industry make it an ideal firm to lead this
The Company has successfully built its Animal Health business over 34
years to the point where it is profitable before research and
development, with a successful mix of products primarily in livestock
reproduction, immunotherapeutics, equine performance, and companion
animals. The Bioniche brand of products and its infrastructure have
been highly regarded for many years, and the Company is regularly
approached by other animal health companies seeking to enhance their
own offerings by way of partnership or acquisition of Bioniche assets.
As Evercore leads its work on the Animal Health side of the business,
the Company is actively engaged in discussions with potential partners
for its Phase III bladder cancer product, Urocidin(TM), which will unlock value for the Company’s Bioniche Therapeutics Corp.
subsidiary. Since learning that the Company was regaining the global rights to Urocidin(TM), more than 30 companies have expressed an interest in marketing the
product, and discussions with these companies are at various stages.
Such partnership arrangements generally include up-front and milestone
payments, as well as financial support for development costs to offset
additional clinical trial work that the Company is required to complete
for successful commercialization of Urocidin(TM). In recent weeks, a preliminary equity investment offer and a preliminary
licensing offer have been received in relations to Bioniche
Therapeutics Corp. and Urocidin(TM) respectively.
With regard to Bioniche One Health and the Company’s Animal Health and
Food Safety Vaccine Manufacturing Centre in Belleville, the Company has
had preliminary discussions with companies that have an
interest in potential partnerships around Econiche®, the E. coli O157 cattle vaccine and around manufacturing capacity in the Vaccine
Manufacturing Centre (VMC).
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based, technology-driven
Canadian biopharmaceutical company focused on the discovery,
development, manufacturing, and marketing of proprietary and innovative
products for human and animal health markets worldwide. The
fully-integrated company employs more than 200 skilled personnel and
has three operating divisions: Human Health, Animal Health, and Food
Safety. The Company’s primary goal is to develop and commercialize
products that advance human or animal health and increase shareholder
For more information, please visit www.Bioniche.com.
Except for historical information, this news release may contain
forward-looking statements that reflect the Company’s current
expectation regarding future events. These forward-looking statements
involve risk and uncertainties, which may cause, but are not limited
to, changing market conditions, the successful and timely completion of
clinical studies, the establishment of corporate alliances, the impact
of competitive products and pricing, new product development,
uncertainties related to the regulatory approval process, and other
risks detailed from time to time in the Company’s ongoing quarterly and
SOURCE Bioniche Life Sciences Inc.