Devonian Health Group and Histapharm announced they have signed a binding Letter of Intent (LOI) to negotiate the terms establishing Devonian as the exclusive site for the extraction and manufacturing of Histapharm’s proprietary botanical drug. Histapharm’s product targets the degradation of histamine being a different approach compared to treatments using antihistamine technologies. The LOI also includes the set-up of a Strategic Partnership focused on the development of new products for dermatological applications.
Under the LOI, Devonian will be the exclusive site for the extraction and manufacturing of the botanical drug containing diamine oxydase (DAO). Additionally, under the Strategic Partnership, Devonian and Histapharm will develop new products, derived from the combination of their respective platforms, products and know-how. In order to facilitate the Partnership, Histapharm intends to set up its head office in close proximity to Devonian. The Manufacturing Agreement must be executed within the next 150 days and the Strategic Partnership by November, 30, 2019.
"We are pleased to leverage our R&D and manufacturing assets. By finding a reliable partner, Devonian expects not only to increase its revenues, but also to further focus on its core expertise and strength, that is the development of botanical prescription drugs with a strong franchise in dermatology. The Strategic Partnership with Histapharm will add another Active Botanical Ingredient (ABI) to our pipeline for the development, approval and commercialization of novel products within the dermatology therapeutic area," said Dr. Andre P. Boulet, President and Chief Executive Officer of Devonian.
"Access to Devonian facilities will allow Histapharm to be the first worldwide producer of vegetable-based diamine oxidase in a powder format, positioning Histapharm in a niche market covered and protected by our intellectual properties," said Guy Bilodeau, President and Chief Executive Officer of Histapharm.