Ovoca Bio climbs as it buys remaining shares of Russia's IVIX

Ireland-headquartered Ovoca Bio (LSE: OVB) saw its shares gain more than 7% to 7.50 pence, after it announced an agreement to acquire the remaining shareholding in Russian biotech firm IVIX that the company does not already control.

The transaction involves a total cash consideration of approximately 354 million roubles (around $5.0 million). IVIX was the original developer of BP-101, a novel medicinal treatment for pre-menopausal women with hypoactive sexual desire disorder (HSDD), a condition characterized by a distressing lack or loss of sexual desire in women.

In September 2018, Ovoca completed the acquisition of a 50.02% participation interest of IVIX, for a cash consideration of about $4.1 million. As a result of the acquisition, Ovoca refocused its core business on biotechnology and particularly the continued development and commercialization of BP-101. In March 2019, Ovoca exercised its right to acquire a further participation interest for around $2 million, whereby the company increased its holding to a 59.9% interest in the charter capital of IVIX.