AOR Acquires OVOS for VIVIMIND in Canada

January 4, 2011

1 Min Read
AOR Acquires OVOS for VIVIMIND in Canada

LAVAL, Quebec & CALGARY, AlbertaBELLUS Health Inc. (TSX: BLU) entered a share purchase agreement with Advanced Orthomolecular Research (AOR), under which AOR is acquiring all issued and outstanding shares of BELLUS Canadian subsidiary OVOS Natural Health Inc. for a total consideration of $1 million. Pursuant to a related license and supply agreement, BELLUS is granting AOR exclusive distribution rights for its VIVIMIND natural health product in Canada while retaining the rights to VIVIMIND in other jurisdictions worldwide. The license and supply agreement also provides for up to $3 million in commercial milestone payments to BELLUS if certain sales targets are achieved.

"Following the issuance by Health Canada of a Natural Health Product Number (NPN) for VIVIMIND in September 2010, we are pleased to enter into a License and Supply Agreement for Canada with a leading provider of innovative nutraceuticals such as AOR," said Roberto Bellini, BELLUS president and CEO. "This transaction further complements BELLUS Health's strategy to focus on our core development expertise while allowing strong strategic partners to commercialize our innovative products. Following the similar partnership concluded recently with FB Health for the Italian market, this is a model that we are seeking to reproduce in other territories worldwide," he added.

VIVIMIND, which contains homotaurine, a naturally occurring amino acid, has been shown in scientific studies to support the hippocampus, the region of the brain responsible for learning and memory. Regulatory approvals for the commercial sale of VIVIMIND were obtained in Italy and in Spain in 2009, and a Natural Health Product Number was issued by Health Canada for VIVIMIND in September 2010.

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