Disposal of non-core equine treatment for €1.3m
Eco Animal Health has announced the disposal of its treatment for equine parasitic infections, ECOmectin® Horsepaste, to its long-term Italian manufacturing partner ACME Drugs S.r.l. ACME will acquire all ECOmectin® Horsepaste intellectual property, manufacturing and inventory, distribution arrangements and marketing authorisations.The total consideration for the deal is €1.3m (£1.1m), comprising €0.5m paid on signature of the sale and purchase agreement and two further payments of €0.4m payable 18 months and 36 months post-completion, each of which is unconditional and supported with a bank guarantee to be put in place within 45 days.
Our Fair Value range is 137p-146p which contrasts with the current share price and suggests that the potential contribution to earnings from the product development pipeline deserves far closer attention.
Eco Animal Health Group is engaged in the manufacture and supply of animal health products. Co.'s activities were conducted through a network including both regional offices, (notably in Shanghai and Princeton) and overseas subsidiaries. Co.'s patented molecule, Aivlosin® is used for the treatment of pigs and poultry diseases and is prescribed under veterinary control for the short duration treatment of diagnosed diseases. Co.'s products also include Ecomectin, an endectocide that controls worms, ticks, lice and mange in grazing stock and pigs.
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