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Bionor Pharma and Axellus have agreed a sale of the Nutrilett trademarks to Axellus

Bionor Pharma has signed a Memorandum of Understanding (MoU) with Orkla-owned Axellus under which Bionor will transfer the Nutrilett trademarks to Axellus for a consideration of NOK 110 million. The parties have cooperated since the early 1990's under license agreements regarding the trademark Nutrilett and other intellectual property rights for manufacturing, marketing and sale of "Very Low Calorie Diet" products and "Low calorie Diet" products in the Nordic and Baltic countries. The licensing agreement will be terminated as part of the closing of this transaction.

A binding agreement is planned to be signed before end of this year after a due diligence by Axellus. Closing of the transaction is planned before end of January 2011.

"The sale of the Nutrilett trademark is part of Bionor Pharma's strategy to focus on our vaccine business", says CEO Henrik Lund.