Medlab Clinical Ltd (ASX:MDC) has executed a Heads of Agreement (HoA) with Randall Communications Pty Ltd, trading as FeverMates, to expand Medlab’s nutraceutical business in new foreign and domestic territories.
FeverMates is best known for the global distribution of fever management and prevention products including stick-on thermometers, hand sanitisers and medical face masks.
MDC chief executive officer Dr Sean Hall said: “The Randall Communications deal opens up international trade for MDC beyond our internal scope.
“FeverMates is a great established brand and we are honoured to work with them.”
Trading as FeverMates will expand MDC’s nutraceutical business to take advantage of new foreign and domestic opportunities and will licence several of Medlab’s existing nutraceuticals.
Expanding commercial offerings
Randall Communications, the owers of FeverMates, see value in expanding their commercial offerings to include several of the existing MDC nutraceuticals to the global market, inclusive of India and Eastern Europe.
Randall Communications managing director Michael Randall said: “FeverMates, a fast-growing global brand, is delighted to work with MDC to assist Australians in need by bringing high-quality, easily accessible and well-priced products to a larger market.”
Definitive agreement pending
The HoA allows both companies to negotiate the financial and commercial terms to be included in a definitive commercial agreement specifying products, territories and market channels.
MDC shares have been as much as 36% higher to an intra-day high of 32 cents, up from 13.5 cents on March 25.