Helicon Group Limited (HCG) announced that it has entered into an agreement to acquire all the Intellectual Property associated with OzPharma’s Buccal technology known as LINGUET. The Linguet is at the tail end of OzPharma’s multimillion-dollar development program and now reached a significant commercialisation milestone.
Fabio Pannuti, Helicon MD said, “We are particularly pleased to have acquired this technology on such favourable terms and look forward to working with the OzPharma team to complete the development of what is a very valuable asset.” Mr Pannuti went on to say, “We have now completed our restructuring of Helicon and put in place a strategy and a team capable of identifying, acquiring and building a drug delivery technology portfolio that will deliver shareholders strong returns over multiple licensing opportunities. The Linguet provides a valuable addition to this extraordinary portfolio.”
Under the terms of the agreement Helicon has the right to acquire the Linguet by paying OzPharma a consideration of: $50,000, 15% of Linguet royalties paid to Helicon, 1,370,000 Helicon shares and a call option over the new subsidiary company that Helicon will form to hold the technology. OzPharma are not able to exercise the Call Option until one month after two key Linguet patents have been granted in the USA. Helicon may terminate the Call Option prior to it being capable of being exercised by the payment to OzPharma of 25,000,000 ordinary Helicon Shares.
Helicon Group Limited was formed to license pharmaceuticals for sale in North Asia. It has extended the scope of its activities by acquiring the VibroveinTM and BreatheAssistTM products, which it will seek to globally license to pharmaceutical or medical device companies for a variety of indications and geographical segments.
http://www.traderdealer.com.au/fundamentals/hcg
Tags: acquisition, Biotechnology, HCG, Helicon Group
