Boehringer Ingelheim terminates sale of Pharmaton

Boehringer Ingelheim has announced the termination of its stock purchase agreement with IdeaSphere relating to the sale of its Pharmaton subsidiary to the firm. The companies had originally intended to finalise the transaction on January 2nd 2007.

This closure was postponed until February 16th to allow a clarification of topics relating to the fulfilment of contractual prerequisites by both firms, but Boehringer Ingelheim claims that IdeaSphere has not satisfied these conditions and has thus cancelled the transaction.

Boehringer Ingelheim will continue to be responsible for the operations of Pharmaton at present, including the commercialisation and distribution of its products.

Mark Fox, president and chief operating officer of IdeaSphere, said: “We are disappointed that the parties were not able to reach agreement at this time to complete the Pharmaton transaction.”

He added that the company had enjoyed its collaborations with Pharmaton during 2006 and still believed that a partnership between the firms on nutritional products would be beneficial for consumers worldwide.

IdeaSphere is a supplier of vitamins and nutrients, producing over 200 products, including snacks, powder drinks, tablets and capsules.

Last August, the company had expressed hopes that the acquisition of Pharmaton would enable it to widen its product portfolio and gain access to new strategic markets worldwide.