Sake of Vamouuse28 Dec 2017 07:27
TyraTech Inc. (AIM: TYR, and TYRU), the life sciences company focused on nature-derived insect and parasite control products, announces that at the Special Meeting which was held at 3.00 p.m. (EST) on 27 December 2017 at the Company's principal offices, 5151 McCrimmon Parkway, Suite 275, Morrisville NC 27560 USA, the resolution was duly passed.
As a result, the Company is pleased to announce that the sale of its human lice products brand Vamousse® to Alliance Pharma PLC (AIM: APH) ("Alliance") for an initial cash consideration of $13 million with further payments of up to $4.5 million based on the achievement of agreed sales performance targets for Vamousse® in 2019 and 2020, will now proceed with immediate effect. TyraTech was advised by Oriole Advisors on the sale.
Following the sale, TyraTech intends to focus on the opportunities within the estimated $6 billion addressable animal health market for control of insects and parasites, a sector in which it already has considerable management experience and new products in commercial stages.