- Creso Pharma has signed a Letter of Intent with Polvet Healthcare to market and distribute its animal health product range in Poland.
- The commercial agreement for Creso’s anibidiol® product line expands the Company’s European footprint, marking its entry in Eastern Europe.
- Poland is one of the leading pet markets in the Central-Eastern European region and provides a significant opportunity for Creso.
Creso Pharma Limited (ASX:CPH, FRA:1X8) has expanded its footprint in Europe with the signing of a commercial agreement with Polvet Healthcare Teodorowski Spółka Jawna. The agreement also marks the company’s entry into the Eastern European pet market.
Creso Pharma has entered a non-binding, non-exclusive Letter of Intent (LOI) with Polvet Healthcare. The Polish Company would market and distribute Creso’s animal health products, including the anibidiol® product lines for pets, livestock, and companion animals in Poland. Polvet will focus on its established wholesale and retail network to drive the uptake of Creso’s products.
The agreement would cover the marketing and distribution of the following products for stress management and enhanced well-being of pets and livestock:
A significant market opportunity for Creso
Being one of the leading pet markets in the Central-Eastern European region, Poland offers a significant opportunity for Creso Pharma. The country has a domestic consumer population of approximately 38 million. The Polish animal health market includes 6.6 million cats, 7.7 million dogs, and 11 million swine.
With its established network in Poland, Polvet is Creso’s ideal partner. Polvet is a medical and pharmaceutical firm with human and veterinary products as well as services. The group has been operational since 2008.
The Poland-based group is engaged in the distribution, sale, and commercialisation of its animal health products via its e-commerce channels online shop. Besides, the group also sells directly to clinics, hospitals, and veterinarians.
Terms of the agreement
- The initial term of the contract is one year.
- The contract would be automatically renewed after one year (Renewal Term) unless any party informs the other of its decision not to renew the agreement within 90 days before the Initial or Renewal Term expiration.
- Initial Term and Renewal Terms are subject to termination for cause in case any firm issues notice or fails to meet the renewal conditions.
- The LOI would terminate automatically should the firms decide not to enter into a formal commercial agreement on or before November 2021.
Jorge Wernli, CEO of Creso’s Swiss International Operations, commented:
On 21 May 2021, CPH shares last traded at AU$0.160.