RedHawk Pharma Agrees to Complete Marketing and Operational Joint Venture Agreement
Sep 18, 2017
OTC Disclosure & News Service
LAFAYETTE, La., Sept. 18, 2017 (GLOBE NEWSWIRE) — RedHawk Holdings Corp. (OTCQB:IDNG) (“RedHawk” or the “Company”) announced today that RedHawk Pharma UK Ltd (“RedHawk Pharma”), a wholly-owned subsidiary of RedHawk, has agreed in principle to enter into definitive marketing and operational joint venture agreements (“Joint Venture Agreements”) with ICE Pharma Group (“IPG”), a United Kingdom-based generic pharmaceutical sales and compliance company. IPG is led by David K. Bilton, a pharmaceutical healthcare veteran with 35 years of experience in global strategic procurement, supply chain management and business development.
RedHawk Pharma currently owns 75% of EcoGen Europe Ltd. (“EcoGen”), a United Kingdom company specializing in the manufacturing and marketing of certain branded generic pharmaceuticals. To expand its portfolio of dossiers and licenses, the Company announced in August 2017 that it had signed a non-binding letter of intent (“EU License Acquisition”) to acquire a portfolio of European (“EU”) hospital licenses. The licenses cover injectable anti-infective generic pharmaceuticals. The Company believes the acquisition of these licenses could result in the ultimate issuance of market authorizations in up to twelve (12) EU markets for seven (7) core anti-infective products including piperacillin-tazobactam (PipTaz), meropenum, imipenem/cilastatin and the four (4) most widely used cephalosporins.
When the EU License Acquisition is complete, RedHawk Pharma will own approximately 120 generic EU licensing assets and have approximately $15,000,000 of tax loss carryforwards available to offset future profits in the United Kingdom. The Company said it believes this new alliance with IPG will better position RedHawk Pharma to successfully integrate EcoGen and the EU License Acquisition, manage the anticipated growth of this business unit, and enhance the probability of successfully completing other organic and strategic business opportunities in the future.
The Company said it intends to complete both the EU License Acquisition and the Joint Venture Agreement by December 31, 2017. The completion of both transactions are contingent upon, among other things, approval by RedHawk’s board of directors, the negotiation, acceptance and execution of definitive agreements for the EU License Acquisition and the Joint Venture Agreement, satisfactory completion of legal and financial due diligence, and the closing of acceptable financing or the receipt of additional equity capital, if necessary.
About RedHawk Holdings Corp.
RedHawk Holdings Corp., formerly Independence Energy Corp., is a diversified holding company which, through its subsidiaries, is engaged in sales and distribution of medical devices, sales of branded generic pharmaceutical drugs, commercial real estate investment and leasing, sales of point of entry full-body security systems, and specialized financial services. Through its medical products business unit, the Company sells WoundClot Surgical – Advanced Bleeding Control, the Sharps and Needle Destruction Device (SANDD™), and the Carotid Artery Digital Non-Contact Thermometer. Through our United Kingdom based subsidiary, we manufacture and market branded generic pharmaceuticals, certain other generic pharmaceuticals known as “specials” and certain pharmaceuticals outside of the United Kingdom’s National Health Service drug tariff referred to as NP8’s. Our real estate leasing revenues are generated from various commercial properties under long-term lease. Additionally, RedHawk’s real estate investment unit holds limited liability company interest in a commercial restoration project in Hawaii. The Company’s financial service revenue is from brokerage services earned in connection with debt placement services. RedHawk Energy holds the exclusive U.S. manufacturing and distribution rights for the Centri Controlled Entry System, a unique, closed cabinet, nominal dose transmission full-body x-ray scanner.