HIP parent bioscience buy
August 17, 2010
HEALTH Corporation Limited
(HCL), the listed parent company of
pharmacy franchise group Health
Information Pharmacy, has
announced the acquisition of a
“complementary business”, Aussie
bioscience company Intramedics P/L.
HCL, which recently attracted the
backing of a new investor group
through a $50,000 capital raising,
said the deal was part of a strategy
to acquire new assets to add to ts
existing business model.
Intramedics is developing a
project called Hyper-HA, claimed to
be a “biologically stable form of
Hyalonuric Acid,” which is said to
be a key ingredient used in
cosmetics, plastic surgery,
therapeutic drugs, drug delivery
and advanced wound care markets.
No cash has changed hands in
the acquisition, which involves the
company instead isuing six million
fully paid ordinary shares - which
will require approval by
shareholders at the company’s next
general meeting.
In light of its acquisition HCL has
been quick to reassure investors
that the buy-up is consistent with
the Board’s stated objectives and
that it remains committed to
implementing cost cutting
measures and reviewing non-core
or loss making businesses.
“With the new strategic investor
group and the acquisition of
Intramedics, the Board is confident
about the future prospects of the
company,” the comnpany said.
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