Australia-based Bioxyne has secured a two-year distribution agreement in south-east Asia for its dairy formula products.
The Sydney-listed firm, which manufactures probiotic health products, branched out into dairy formula in December after gaining a direct sales licence in Malaysia in October, and now counts A2 Milk Co, Bellamy’s Australia, Wattle Health and Bubs Australia among its competitors.
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ASVA International in Malaysia has been appointed as Bioxyne’s regional distributor for Thailand, the Philippines, Myanmar, Cambodia and Mauritius, according to a stock exchange announcement today (21 May). Under the agreement, ASVA will be excluded from selling competing products and has just taken its first order valued at US$200,000.
Under the terms of the agreement, Bioxyne has entered into a call option that gives the company the right to acquire a 70% interest in the business in each of those countries before 1 July 2021, based on an “agreed multiple of EBITDA”.
Using ingredients sourced in New Zealand and Australia, Bioxyne makes brands such as Mustang, a nutritional shake for men, BK18, a family breakfast replacement, and Mymana, a colostrum and honey-based dairy formula. Its New Zealand subsidiary operates as Bioxyne International.
Valued at a market capitalisation of AUD57.6m (US$43.3m) as of February, the company generated annual sales of AUD2m. Bioxyne, which was incorporated in 2000, is led by chief executive NH Chua, with Tony Ho as non-executive chairman and Guy Robertson as chief financial officer.
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By GlobalDataChua said: “This initiative will give Bioxyne immediate access for its products to a number of growing markets in the Asian region through established direct sales channels. This will allow the company to focus on developing Malaysia, where it has a direct selling license, and to work on other key markets in Asia.”
Bioxyne says its probiotic business is supported by a manufacturing and distribution agreement with Chr. Hansen in Denmark, a global leader in natural food additives and supplements products for the food, health, pharmaceutical and agriculture industries.
