Biotech Capital (ASX:BTC) has announced the acquisition of Biointelect, the company established by Jenny Herz in 2011.
Ms Herz is an experienced industry executive having served in senior commercial and scientific affairs roles across a number of companies.
She was the first Managing Director of Sanofi Pasteur Australia, holding the position for seven years, during which time she also represented the company on the Board of Medicines Australia. As a Medicines Australia Board member, she was involved in some major reform and access discussions. Jenny has also held senior roles in Europe, for Astra Zeneca and its wholly-owned biologic R&D organisation, MedImmune.
Biointelect has grown rapidly since its creation and now provides a range of services in Australia and overseas to global life sciences companies, start-ups, not-for-profits and government agencies.
It has expanded its service to now cover commercial strategy and resource allocation, medical affairs, market evaluation, market access and expert insight.
Its clients have included some of the most recognised brands in the life sciences sector.
Ms Herz was joined by husband Karl in early 2015.
Mr Herz has also held senior roles in the pharmaceutical industry. Following his early career with Servier and Schering Plough he joined Sigma as National Sales Manager. In his most recent role before joining Biointelect to focus on Business Development, he was Sales Manager for Lupin’s Australian subsidiary Generic Health, having previously worked in senior sales and marketing effectiveness roles in Australia and overseas.
ASX-listed Biotech Capital’s strategy is to make active investments in life science businesses and late-stage product development opportunities that will benefit from greater access to development capital.
The company has the longer-term objective of building a group of complimentary businesses that are entrepreneurial, innovative, globally focused and when operating together have the ability to generate better health outcomes and value for its shareholders.
"The acquisition of Biointelect is a very important step in our longer-term growth plans," said Biotech Capital's Chairman, Richard Treagus.
"The Biointelect business is profitable and scalable and its team brings valuable industry skills and an extensive global network. By combining our resources, it significantly strengthens our ability to further invest and build a group of complimentary life science businesses."
As consideration for the acquisition Biotech Capital has agreed to issue 10 million fully paid ordinary shares, which if issued at the current share price would have a value of around $1.3 million, to a related party of Ms Herz.
Ms Herz will continue to lead the Biointelect business and will be appointed as a Director of Biotech Capital. She and Mr Herz have also entered into ongoing employment agreements.
"Each of these agreements includes the grant of options to acquire 1 million shares in Biotech Capital. The options have an exercise price of 15.9 cents and will vest in tranches, subject to performance conditions and continuing service, on the 2nd, 3rd and 4th anniversaries of the grant," said the company.