Biopharmaceutical firm Tetra Bio-Pharma, which specializes in cannabinoid discovery and development, said it has signed a letter of intent to engage in co-development and distribution with a privately owned company.
Tetra Bio-Pharma referred to its partner as a “major player in the healthcare specialty industry” but said the company has asked to remain unnamed.
“We’re excited to enter this specialized market as there is a significant need for our clinical expertise in product development,” said Bernard Fortier, CEO of Tetra Bio-Pharma. “This partnership opens a new distribution channel for our pharmaceutical retail division not only in Canada but also worldwide through their active partners in the US and Europe.”
He said his company’s partner has a Canadian-wide distribution network that reaches up to 7000 specialized healthcare professionals. The partner has access to over 3,000 specialized healthcare businesses in Canada.
Tetra and its partner are working together to develop a new line of products using Tetra’s clinical and product development expertise.
The first product will be launched in Q1 2018 with subsequent products already in development for the remainder of 2018.
Tetra and its partner will be tapping into the overall over-the-counter (OTC) topical analgesics market of more than $300 million in sales in Canada. The U.S. market for this segment is estimated by IMS to be at over US$2.9 billion, according to Tetra.