OptiBiotix enters three-year distribution deal with Bulgarian partner

26th Sep 2018 13:47

(Sharecast News) - Life sciences business OptiBiotix Health has entered into a three-year distribution agreement with an unnamed Bulgarian company to exclusively distribute and commercialise its own-label 'CholBiome' products, containing its cholesterol and blood pressure reducing 'LPLDL' strain in Bulgaria, it announced on Wednesday.The AIM-traded firm said the Bulgarian company was one of the leading pharmaceutical and foods supplement distribution companies in that country, with access to more than 60% of pharmacies in Bulgaria and engaging with more than 15,000 general practitioners, cardiologists and pharmacists.It said the agreement granted the company exclusive distribution, in return for local product registration and three-year sales targets to retain exclusivity.OptiBiotix said the agreement was the first covering the CholBiome range, following its recent launch online in the UK, and was the first step in its strategy to expand its sales of CholBiome own-label products into the European market.Bulgaria had some of the highest mortality rates in Europe caused by cardiovascular disease, OptiBiotix explained, accounting for up to 64% of all deaths according to the World Health Organisation.CholBiome products containing LPLDL had a "unique ability" to reduce both cholesterol and blood pressure, the firm claimed, providing a clinically-proven product to help reduce those cardiovascular risk factors in countries with a high prevalence of such conditions.The Bulgarian company required its identity and the terms of the agreement to remain confidential to protect its commercial interests, OptiBiotix explained, claiming that no further details could be disclosed."We are pleased to announce this agreement which extends the sales of our CholBiome products into Bulgaria, where cardiovascular disease are significant causes of morbidity and mortality," said OptiBiotix commercial director Per Rehné."We chose the company for its significant market access in Bulgaria and solid track record for growing product sales."Rehné said the agreement was a "strategic step" to build the distribution sales channel for CholBiome products in the European market, and eliminated intermediates in the supply chain with shorter route-to-market and higher value to OptiBiotix."We expect such agreements to be delivering earlier on revenues and that we would see the first sales in the first quarter of 2019."