MISSISSAUGA, Ontario, Sept. 20, 2024 (GLOBE NEWSWIRE) — BioSyent Inc. (“BioSyent”, “the Company”, TSX Venture: RX) is pleased to announce that its wholly-owned subsidiary, BioSyent Pharma Inc., has entered into an agreement to acquire certain assets enabling it to supply Tibelia®, a tibolone-based hormone replacement therapy drug, to distributors worldwide. Under an Asset Purchase Agreement entered into with the trustees of Novalon SA and Mithra Pharmaceuticals SA, BioSyent Pharma Inc. has acquired intellectual property, global rights, certain licensing, distribution and supply agreements related to Tibelia® (tibolone), as well as certain inventory and equipment, for cash consideration of up to EUR 2.8 million, subject to certain post-closing conditions.
Tibolone has been available for over 30 years for the treatment of the symptoms of menopause. Novalon SA licensed and supplied tibolone to partners in 20 countries worldwide, including Canada. BioSyent Pharma Inc. has licensed and marketed tibolone under the Tibella® brand name in Canada since 2020. Novalon SA’s revenue from this product in 2023 was approximately EUR 2.1 million.
BioSyent Pharma Inc.’s advisors on this transaction were Miller Thompson LLP and Freshfields Bruckhaus Deringer.
“Tibella® has been an important part of our women’s health product portfolio since we first launched it in Canada in 2020,” commented René Goehrum, President and CEO of BioSyent. “The Agreement to purchase the Tibelia® assets enables BioSyent to supply this trusted product around the world to both new and existing markets and to produce the product directly, providing incremental earnings of approximately 12% to our 2023 EBITDA, in line with our strategic priorities of long-term growth and portfolio diversification. Seeking out product acquisition opportunities is an essential part of our business model and activities so we are gratified when our efforts culminate in an important transaction such as this Agreement.”
The CEO’s presentation on this transaction is available at the following link: www.biosyent.com/investors/
About Tibella®/ Tibelia®
Tibella® / Tibelia® is a prescription hormone replacement therapy (“HRT”) consisting of tibolone. Tibella® / Tibelia® is different from other HRTs, as it does not contain actual hormones. Instead, the body breaks down tibolone to make three substances that act like estrogen, progesterone, and testosterone. These substances act on different tissues in the body to help treat symptoms of menopause in women. Tibella® / Tibelia® substitutes for the loss of estrogen production in postmenopausal women and alleviates menopausal symptoms as well as aiding in the prevention of osteoporosis.
To learn more about Tibella®, please visit www.tibella.ca.
About BioSyent Inc.
Listed on the TSX Venture Exchange under the trading symbol “RX”, BioSyent is a profitable growth-oriented specialty pharmaceutical company focused on in-licensing or acquiring innovative pharmaceutical and other healthcare products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients. BioSyent supports the healthcare professionals that treat these patients by marketing its products through its community, specialty and international business units.
As of the date of this press release, the Company has 11,587,459 common shares outstanding.
For a direct market quote for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.
For further information please contact:
Mr. René C. Goehrum
President and CEO
BioSyent Inc.
E-Mail: investors@biosyent.com
Phone: 905-206-0013
Web: www.biosyent.com
This press release may contain information or statements that are forward-looking. The contents herein represent our judgment, as at the release date, and are subject to risks and uncertainties that may cause actual results or outcomes to be materially different from the forward-looking information or statements. Potential risks may include, but are not limited to, those associated with clinical trials, product development, future revenue, operations, profitability and obtaining regulatory approvals.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Bay Street News