Evolva acquires resveratrol programme from Fluxome

03-Dec-2012 - Switzerland

Evolva has agreed to acquire all of Fluxome's scientific and technical assets related to resveratrol and hire a small number of its employees, integrating the programme into Evolva’s Danish operations. Evolva will not take over Fluxome’s US sales and marketing organisation but will instead focus on working with distributors and major consumer goods companies to drive sales of the product, including in Asia. The transaction does not include Fluxome’s poly-unsaturated fatty acid programme. Evolva expects to leverage its own technologies to reduce manufacturing costs and further enhance the competitive advantages of Fluxome’s resveratrol.

As payment for the assets, Evolva will:

Make an upfront payment of CHF 0.25 million in cash and provide 1.077 million Evolva shares (0.6% of currently issued capital);
Pay up to CHF 0.8 million in cash and/or shares over the next 12 months; and
Pay a single digit percentage royalty on resveratrol sales until cumulative resveratrol sales by Evolva reach c. CHF 65 million - after which point, no more royalties will be due.

Neil Goldsmith, CEO of Evolva said. “We see this as a highly attractive asset acquisition on terms that work well for Evolva shareholders. Resveratrol is an on-market functional ingredient that perfectly fits our focus area of health, nutrition and wellness. It has particular benefits in areas such as vascular inflammation, an area of great interest to many companies and one we understand well given our knowledge from EV-077. Like our current product portfolio, resveratrol is produced by fermentation in yeast, and there are many technical similarities to our successful vanillin program. This added product significantly advances Evolva’s portfolio and we expect significant operational and technical synergies from this transaction.”

https://www.bionity.com/en/news/140726/evolva-acquires-resveratrol-programme-from-fluxome.html