Bioniche Life Sciences and AB Technology Sign Purchase Agreement
-- Strengthens market-leading position in livestock reproductive technologies --
BELLEVILLE ON, January 10, 2004 – Bioniche Life Sciences Inc. (TSX:BNC) today announced signing of an agreement to purchase the assets of AB Technology Inc. of Pullman, Washington. Closing of the agreement is expected in February. A world leader in the development of embryo transfer media, materials and equipment for bovine and equine markets, AB Technology will operate as a unit of Bioniche Animal Health USA, Inc., a division of Bioniche Life Sciences Inc. Synergies resulting from the merger will provide embryo transfer practitioners around the world with a market-leading range of superior livestock reproductive technologies and services.
“Bioniche continues to be the dominant player in the livestock reproductive market globally,” said Graeme McRae, President and Chief Executive Officer of Bioniche Life Sciences Inc. “Our lead reproductive product, Folltropin®-V, currently has a 70 percent market share worldwide. The products and research expertise developed by AB Technology will greatly contribute to strengthening our reproductive technologies business and will also generate significant incremental revenue for our Animal Health division.”
“I’m very pleased to welcome the staff of AB Technology who have brought the company so far,” said Martin Warmelink, President of Bioniche Animal Health. “Their commitment to quality, innovation and customer service is outstanding. Together, we can accelerate the delivery of new and advanced embryo transfer technologies and services to our global customer base.”
About AB Technology:
Founded in Australia in 1986, AB Technology has been a leader in the development and commercialization of reproductive technologies for animal health applications. The company is based at the Washington State University Research & Technology Park in Pullman, Washington.