InterMed Discovery Closes Equity Transaction Worth €7.44 M with Biotropics Malaysia Berhad
The round underlines the long-term Strategic Cooperation Agreement between the two Companies, which was announced in September 2008 as a combination of purchase and capital increase. In addition, the agreement solidifies a minority stake held by Biotropics in IMD.
14/01/09 InterMed Discovery (IMD), an emerging world class natural product lead-discovery company, has announced the close of an equity transaction worth €7.44 million with Biotropics Malaysia Berhad. The round underlines the long-term Strategic Cooperation Agreement between the two Companies, which was announced in September 2008 as a combination of purchase and capital increase. In addition, the agreement solidifies a minority stake held by Biotropics in IMD.
The round strengthens IMD’s financial position and paves the way for the next strategic steps in IMD´s development. The money raised in this financing round will be invested in the discovery and development of further functional ingredients and will also be used to co-fund IMD’s pharmaceutical pipeline. In return, the participation provides Biotropics access to IMD’s natural product data base and technology to identify, develop and market suitable active natural ingredients exclusively in key markets including United States and Europe.
“Following IMD’s cooperation agreement with Cognis in February 2008, this additional investment from our strategic partner, Biotropics Malaysia Berhad, will further leverage the discovery and development of innovative natural products and will help to expand our pharmaceutical pipeline,” announce the managing directors of InterMed Discovery Bernard Becker and Dr.Thomas Henkel .“Such endeavours are the logical and consequent next step in boosting IMD’s business model and we look forward to continuing our work with Biotropics.”
“We are excited to strengthen our partnership with IMD and increase our participation in the dynamic global life-sciences industry. This investment is an important milestone for Biotropics as it will strengthen our value-added activities and serve as a synergistic relationship for potential growth in know-how, capacity building and business opportunities”, said Abu Bakar Ibrahim, Director of Biotropics.
