Probiotec is a leading manufacturer, marketer and distributor of a diverse, high quality range of prescription and over-the-counter pharmaceuticals and complementary medicines. Over the past week, Probiotec has announced the sale of the Impromy brand to Blackmores, the sale of a number of pharmaceutical brands to iNova Pharmaceuticals and the sale and lease back of its manufacturing facility in Laverton North.
Sale of Impromy brand to Blackmores
Impromy is a weight-management program that Probiotec co-developed with the CSIRO and is supported by strong research and clinical studies.
Blackmores – Australia’s leading natural health company – will acquire Impromy for $9 million with the sale expected to be completed by November 2018.
Team: Jeremy Lanzer (Partner) and Anna Sandiford (Law Graduate)
Sale of Gold Cross, David Craig and Skin Basics brands to iNova Pharmaceuticals
The Corporate and M&A team also advised Probiotec on the agreement to sell pharmaceutical brands Gold Cross, David Craig and Skin Basics, including all intellectual property and business assets to iNova Pharmaceuticals.
Singapore-based company iNova Pharmaceuticals will pay $13.5 million for the brands. The sale is expected to be completed by September 2018.
Sale and lease back of manufacturing facility
The Property & Development team acted for Probiotec in relation to an agreement to sell the land and buildings at 79-83 and 85 Cherry Lane, Laverton North in Victoria for $24.5 million. As part of the deal, Probiotec will continue as a tenant under a 20 year triple net lease. Ken Gray and Rob Deev advised on all legal aspects as part of the sale, including advising on the lease back arrangements.
Team: Ken Gray (Partner) and Rob Deev (Lawyer)
Corporate and M&A Partner Jeremy Lanzer congratulated Probiotec on the transactions: “We are delighted to have acted for Probiotec on these milestone transactions and to continue to support the management team as they successfully grow their manufacturing business. Congratulations in particular to Managing Director, Wes Stringer and Chief Financial Officer, Jared Stringer, who delivered outstanding full year financial results for Probiotec whilst juggling multiple M&A transactions. Probiotec’s success is a credit to their leadership and talent.”
These transactions continue Probiotec’s stated objective of unlocking shareholder value and focussing on its core manufacturing business, and follow Probiotec’s acquisition of pharmaceutical packing business South Pack Laboratories last year.
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