Animalcare Group PLC - animal health firm - Enters agreement with Canada-based biotech firm Kane Biotech Inc to form STEM Animal Health Inc, a company dedicated to treating biofilm-related ailments in animals.
Kane Biotech will create the new subsidiary, while Animalcare invests CAD3 million in instalments over a 48-month period to acquire a one-third plus one share equity interest. STEM will have a global licence over Kane's existing range of animal health oral care products, and will also focus on the research and development of novel animal treatments based on biofilm targeting technology.
Animalcare will have future licensing rights over future STEM products in Europe and Asia, as well as the option to acquire an extra one-sixth stake for CAD4 million.
Current stock price: 190.00 pence
Year-to-date change: up 8.6%
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Animalcare Grp (ANCR)