August 9, 2011

  

Bioniche will not acquire Plasvacc

 

 

Canadian biopharmaceutical company, Bioniche Life Sciences Inc. announced that it will not proceed with the proposed acquisition comprising the business and assets of Plasvacc Holdings Limited (Plasvacc) as previously announced on July 4.

 

The parties have failed to reach agreement on definitive transaction documents and have terminated discussions under their letter of intent in connection with the transaction.

 

"We are disappointed that we could not successfully conclude this acquisition," said Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. "However, this outcome does not affect our intentions to selectively acquire rights to commercially-important animal health products and technologies, one of the stated uses of proceeds for our CAD28.9 million (US$29.1 million) concurrent financings in Canada and Australia completed earlier this year. A number of other potential acquisitions are currently under consideration."

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