CMS Russia and DLA Piper have advised Dublin-based life sciences investor Ovoca Bio Plc on its acquisition of Russian drug development company Ivix.
According to CMS, the transaction represents a strategic move by Ovoca and an opportunity to tap into the unique potential of the global demand for novel reproductive health products. “Fueled by the creativity of its researchers and the funding provided by Ovoca, Ivix is looking to develop an effective medicinal product and, following completion of the required clinical trials, to put it on the Russian and other markets,” CMS reports.
Vladimir Zenin, CMS Partner, said that such “exciting move” is transformative for Ovoca and opens a whole new era for Ovoca’s shareholders and other investors.
Ovoca Bio was formerly a gold exploration and mine development company known as Ovoca Gold. In July 2018 the company changed its name to Ovoca Bio to reflect its new business focus. Now the company aims to become a market leader in the development and commercialization of novel pharmaceutical product candidates.
Following the acquisition of Ivix, Ovoca Bio will retain the right to acquire a further participation interest to be issued by Ivix for USD 2.04 million which would increase its overall participation interest in the charter capital of Ivix by 9.9 percent. Should Ovoca Bio exercise the option, it will hold approximately a 59.9 percent interest in the charter capital of Ivix.
The CMS team was led by Partner Vladimir Zenin, who was supported by Associates Mikhail Panferov, Vladislav Eltovskiy, and Nikolai Molostov.
The DLA Piper team was led by Moscow-based Corporate Partner Leo Batalov, assisted by Senior Associate Andrei Sheetkin.