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news.Ibex Technologies has entered into an agreement for the acquisition of 100% of the shares of Garvinci, a private Montreal-based firm with the Canadian distribution rights for a pipeline of arthritis and women's health products.
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One of these, an osteoarthritis product, is currently approved and being marketed by Garvinci in Canada, while a second, an emergency contraceptive pill, has recently been approved and is expected to be introduced in the second quarter of 2007.
“This transaction is the first step in moving Ibex from a discovery and development company to a specialty pharmaceutical company focusing on acquiring marketing rights to already-approved products in Canada, and products which have been approved in other jurisdictions and which will be registered for sale in Canada,” said Paul Baehr, president and CEO of Ibex.
Ibex will pay $500,000 in cash on closing and will make additional payments to Garvinci shareholders in cash and/or shares upon the achievement by Garvinci of certain product-related approvals and sales milestones.