Binding Sale Agreement of Subsidiary
Sydney, April 6, 2022 AEST (ABN Newswire) - VGI Health Technology Limited (
NSX:VTL) is pleased to announce that it has today executed a binding agreement for the sale of its wholly owned subsidiary Invictus BioPharma Pty Ltd (IBP).
The Company announced on 14 February 2022 that it had entered into a Term Sheet for the sale to Invictus BioPharma Holdings Ltd (IVBHL). The principal terms of the transaction are set out in the Term Sheet.
Today the Company has entered into a binding Sale and Purchase Agreement, under which the Company will have an exclusive perpetual global licence to manufacture, market and sell nutraceutical products based on the IBP's intellectual property rights and an exclusive perpetual licence to manufacture, market and sell pharmaceutical products based on the IBP's intellectual property rights in the Peoples Republic of China.
The sale is subject to a number of conditions precedent including shareholder approval at an extraordinary general meeting (EGM). The Company expects to despatch a Notice of Meeting for the EGM to shareholders during April 2022, with the EGM to be held and the sale completed in May 2022.
About VGI Health Technology Limited
VGI Health Technology Limited (NSX:VTL) is an Australian public listed biotechnology company developing and commercialising novel dietary supplements and prescription medicines based on natural products (tocotrienols) which have wide therapeutic potential, including: Delayed Onset Muscle Soreness, muscle recovery, exercise endurance, Non-Alcoholic Fatty Liver Disease (NAFLD), Non-Alcoholic SteatoHepatitis (NASH), pancreatic cancer, hyperlipidaemia, hypertension and diabetes. VTL owns and controls patent and other intellectual property rights for novel approaches to non-invasively delivering tocotrienols directly to the target tissues. The Company has a product development program for evidence-based nutraceuticals and a clinical development program for prescription medicines.
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