Advanced Orthomolecular Research acquires Bellus Health's Canadian subsidiary OVOS Natural Health
Pursuant to the Share Purchase Agreement, AOR is acquiring all issued and outstanding shares of BELLUS Health's wholly-owned Canadian subsidiary OVOS Natural Health Inc. for a total consideration of $1 million, consisting of an upfront payment of $350 000 and of a payment of $650 000 contingent upon the successful completion of a pre-established milestone event expected to occur within 18 months of the closing of the transaction. Pursuant to the License and Supply Agreement, BELLUS Health is granting AOR exclusive distribution rights for VIVIMIND™ in Canada and will be supplying AOR with the product at a pre-agreed transfer price. AOR will be responsible for all marketing, distribution and sales activities of VIVIMIND™ in Canada. BELLUS Health retains all 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 Health should certain mutually agreed upon sales targets be achieved.
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