(Alliance News) - Ovoca Bio PLC has bought the remaining shares in IVIX LLC that it did not already hold, it said on Tuesday.
The women's health-focused firm, based in Dublin, has paid approximately USD5 million for the remaining 40.1% it did not hold. The first 50% was bought in September 2018 for USD4.1 million, and another 9.9% was bought in March last year for USD2 million.
IVIX is a Russian biopharmaceutical company which has developed BP-101, a treatment for premenopausal women who have a condition causing a "distressing" lack of sexual desire.
The drug was submitted for approval to the Russian Ministry of Health in September last year, and Ovoca Bio said it could be on the market by the end of 2020 in Russia.
Ovoca Bio Chief Executive Kirill Golovanov said: "The acquisition of the remaining stake in IVIX is a significant milestone in Ovoca's development as a biopharmaceutical company focused on women's health.
"With full control, we can accelerate the development of BP-101 as we pursue marketing authorisation and potential partnering opportunities in Russia and establish a clinical programme to meet the needs of patients and regulators in western markets."
Ovoca Bio shares closed 7.1% higher in London on Tuesday at 7.50 pence per share.
By George Collard; georgecollard@alliancenews.com
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