OptiBiotix Health PLC (LON:OPTI) said it has entered into a three-year distribution agreement with Asian product developer and distributor, Pierce Group.
The agreement grants Pierce exclusive rights to import and commercialise OptiBiotix's SlimBiome weight management ingredient and LPLDL, its cholesterol-lowering probiotic, in China and Hong Kong.
Under the agreement, Pierce will also conduct business development activities in other Asia-Pacific geographies to advance OptiBiotix's commercial interests. Market exclusivity is linked to minimum yearly order quantities.
Optibiotix CEO Stephen O’Hara said OptiBiotix chose the Pierce Group as its partner because of the team's experience in working with large corporates and major retailers across Asia.
“Their leadership team have a track record of corporate deal-making in the complex Asian market and an extensive regional network. We believe partnering with Pierce is an important step in accessing the large and growing Chinese and Hong Kong health market,” O’Hara said in a statement.
“We hope the combination of our strong science, growing global brands, and Pierce's local knowledge and expertise will help bring the benefits of SlimBiome® and LPLDL to China's 350mln obese and 290mln patients with cardiovascular disease. We believe working with Pierce, and similar partners around the world, provides the best opportunity of increasing our global commercial reach and catering for the growing interest we are seeing in our products from partners worldwide," O’Hara concluded.
"We are pleased to be working with OptiBiotix in marketing and distributing their products to the large and growing Chinese and Hong Kong markets,” Mike McGeever, the chairman of Pierce added.
“We believe in the benefits that OptiBiotix product portfolio will bring to the people of China and Hong Kong to address growing rates in obesity and other chronic diseases. We will leverage our team's experience in Asia and within the health sector to deliver a partnership of value for both parties," he said.