Business
Disposal of Russian Assets
Disposal of Russian Assets.
About this update from Talisman Metals Plc
[{"type":"text","content":"\n \n \n Ovoca Bio plc\n \n \n \n \n \n (\"Ovoca\" or the \"Company\")\n \n \n \n \n \n Disposal of Russian Assets\n \n \n \n Dublin, Ireland, 8 March 2023\n - Ovoca Bio, a biopharmaceutical company with a focus on women's health, today announces that it has agreed the disposal of certain Russian assets to Desirix LLC, a private Russian company, for a cash consideration of 84.6 million Russian rubles (approximately €1.05 million at the current exchange rate1)(the \"Disposal\"). Pursuant to the Disposal, Ovoca has agreed to sell certain Russian assets related to its clinical development product Orenetide, namely the Russian patents for Orenetide, the results of completed scientific development of Orenetide in Russia, together with the right to own a Russian Marketing Authorization for Orenetide in Russia.\n \n \n \n \n \n Ovoca expects the Disposal to complete by 31 March 2023. Upon completion of the Disposal, all operational activities of Ovoca in Russia will cease and Ovoca's Russian\n subsidiary, IVIX LLC (\"IVIX\") will be transferred to an inactive, non-operating status. The proceeds from the Disposal will be used for general corporate purposes.\n \n \n \n \n \n Background and rationale for the Disposal\n \n \n \n \n \n As a consequence of the Russia-Ukraine conflict and subsequent international sanctions imposed on the Russian economy and financial system, the Board of Ovoca has concluded that there is no longer any practical opportunity for Ovoca to further invest in, nor conduct normal operations and generate income for shareholders from operating in Russia. In addition, the continuation of business in Russia may carry reputational and legal risks for the entire Company.\n \n \n \n \n \n Having considered the options available to it with regards to its Russian operations and taking into account the constraints under which it would be required to operate, such as the current sanctions environment, the Board has concluded that the best course of action for Ovoca is to proceed with the Disposal and sell the Company's assets in Russia and thereby cease operating in Russia.\n \n \n \n \n \n Following completion of the Disposal, Ovoca will continue with its current clinical development plans for Orenetide in major global markets. This includes the Company's Phase II dose ranging s...