Bioalpha terminates MoU with Zuellig Pharma on vaccine import

Bioalpha terminates MoU with Zuellig Pharma on vaccine import
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KUALA LUMPUR (Sept 13): Health supplement group Bioalpha Holdings Bhd has called off the memorandum of understanding (MoU) it signed with Zuellig Pharma Sdn Bhd relating to the import, warehousing and distribution of Covid-19 vaccine in Malaysia.

In a bourse filing today, Bioalpha said its wholly-owned subsidiary Bioalpha International Sdn Bhd (BISB) and Zuellig Pharma have agreed to terminate the MoU with immediate effect.

Bioalpha said the MoU was terminated as BISB would not proceed with the distribution services with Zuellig Pharma following the recent termination of the procurement and distribution agreement entered into between BISB and Shanghai Bukun Trading Co Ltd, a wholly-owned subsidiary of Sinopharm (Hainan) Health Industry Co Ltd.

"No definitive agreement has been entered into by BISB and Zuellig Pharma pursuant to the MoU," it added.

Bioalpha said the termination of the MoU does not have any financial impact on the group or BISB.

Shares in Bioalpha closed 2.22% or half a sen lower at 22 sen today, valuing the group at RM255.36 million.

The counter had jumped 15% or four sen to 30 sen on the day the MoU was signed on Jan 22.

S Kanagaraju