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(Sharecast News) - OptiBiotix Health said on Thursday that its India subsidiary has signed an exclusive sales agreement with one of the leading hospital and pharmacy chains in the country, Apollo Hospitals Enterprises, for the sale of its 'GoFigure' weight management product range in India.
The AIM-traded firm said Apollo Pharmacies is one of the "largest and most trusted" branded pharmacy networks in India, with more than 4,000 retail locations in the country.
It said the in-store launch was expected to take place in February, and would progressively expand from there to other stores as well as online.
India was described as a "region of strategic interest" by OptiBiotix, with a middle-class predicted to be the largest in the world by 2025.
GoFigure is the company's direct-to-consumer range of weight management products which combine various meal replacement and healthy snack options,including its weight management ingredient 'SlimBiome'.
The initial product launch would consist of meal replacement shakes and powdered beverages, and would be expanded over time.
OptiBiotix said the agreement was part of its strategy to expand the geographical footprint of its pro- and pre-biotic business with leading brands in the health and wellness market, and followed the recruitment of Taru Jain as its India business director earlier in the year and the incorporation of OptiBiotix India in recent weeks.
"We are very pleased to announce this agreement with Apollo, a leading pharmacy chain in India," said chief executive officer René Kamminga.
"Our GoFigure range of weight management products have been specifically formulated to support consumers aiming to reduce their weight and help them stick to their change in diet."
Kamminga said the company was "very pleased" Apollo had chosen GoFigure as its range of weight management products of choice to offer to consumers.
"This launch is another important step in building sales and brand presence for OptiBiotix solutions with major partners around the world."
At 1445 GMT, shares in OptiBiotix Health were up 1.17% at 41.99p.
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