Australian life sciences and health products company Bioxyne (ASX:BXN) reports it has executed a binding term sheet with international life sciences company Breathe Life Sciences (BLS) and its majority shareholders to acquire the company.
The acquisition is expected to bring together 2 of the leading direct sales companies in the food supplement, health and wellness industry, with BLS bringing its 4 accredited manufacturing facilities across 3 continents (UK, Japan and Europe) and plant-based wellness products, as well as its supplements.
BLS’ supplements range from CBD, cannabis extracts, vitamins, manuka honey and mushroom complexes and are reported to complement Bioxyne’s health and wellness range, which include supplements, skin care, probiotics, cannabinoid isolates and cannabinoid based therapies.
Consideration for the acquisition will be 1.23 billion fully paid new shares in Bioxyne, and completion subject to conditions precedent including due diligence, all BLS shareholders entering into binding long form share sale agreements and any necessary regulatory and third party approvals.
Commenting on the acquisition, Bioxyne Chairman, Tony Ho says: “This combination of two complementary businesses and geographies will transform the company and we are excited about the prospect to welcome Breathe Life Sciences into the Bioxyne family.
“This combination of two complementary businesses and geographies will transform the company”
This proposed acquisition is a natural fit for both companies, and we look forward to working together to bring even more innovative supplements and health solutions to the market. Mr Sam Watson will also be joining the board as Joint CEO and brings energy to direct sales.”
The company also notes that this acquisition will expand its product range, as well as catapult it into being a global health and wellness company, having access to direct sales operations in various countries and markets located in Asia Pacific, Europe, UK and the US.
Bioxyne is an ASX-listed Australian health and wellness products company that has a focus on clinically effective health and wellness products, particularly in the gut and immune health areas. The company operates in the consumer dietary supplements and functional foods markets through its proprietary probiotic, Lactobacillus fermentus VRI-003 (PCC), as well as through its direct sales business trading as Bioxyne International.
Bioxyne currently has a distribution agreement for PCC with Nu-Skin Enterprises (US), which represents a successful worldwide direct selling company.
