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Highlights
- Biome has entered into a distribution agreement with Priceline Pharmacy Group.
- The company’s Activated Probiotics® product range will be sold as core range in Priceline’s 370 pharmacies across Australia.
- Biome’s total distribution points have surged by 50% since its Initial Public Offering (IPO) in November last year.
Shares of Biome Australia Limited (ASX:BIO) edged up by nearly 10% on Monday as the company announced an expansion of its distribution network in Australia.
Significantly, the company has signed a material distribution agreement with Australian Pharmaceutical Industries’ (API), Priceline Pharmacy Group (Priceline). The agreement strengthens the company’s existing distribution relationship with API.
Biome’s product range to hit 370 Australian pharmacies
Under the agreement, Biome’s Activated Probiotics® product range will be sold as a core range in Priceline’s 370 pharmacies across the country. The product was created in partnership with world-leading organisations in microbiome research. The company’s flagship range of novel live-biotherapeutics (probiotics) use innovative delivery technologies that improve their stability and efficacy.
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Biome Australia develops live biotherapeutics (probiotics) and complementary medicines, several of which are supported by clinical research. Further, the company also licences, commercialises, and markets these products.
The latest distribution agreement and practitioner channel growth have boosted Biome’s distribution footprint by 20% to nearly 3,000 distribution points since 31 March 2022. Further, total distribution points have surged by 50% since the company’s Initial Public Offering (IPO) on 30 November 2021
Distribution Agreement – An exciting growth opportunity
Backed by API and the Wesfarmers group, Priceline is one of the largest health and service focused pharmacy groups in Australia.
Major activities of the new collaboration are as follows:
Image source: © 2022 Kalkine Media®
Commenting on the development, Biome Australia Managing Director and Founder Blair Norfolk said: “Distribution of Biome’s flagship Activated Probiotics® product range via Priceline Pharmacy presents an exciting opportunity for us to impact more patient lives in Australian communities. We are proud to support the evolving health service focus of Priceline Pharmacy with our Activated Probiotics practitioner-only range”.
The new partnership would support Biome’s mission to improve health outcomes with products accessible to all Australians, added Norfolk.
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