Bod Australia Limited (ASX:BOD) entered into binding agreement to acquire Aqua Phase Ltd for £3 million on August 30, 2022. Bod will pay total consideration of £3 million with Initial payment of £1 million in cash to be paid upon satisfaction of conditions precedent relating to successful completion of upcoming manufacture, stability and bioavailability testing. Remaining consideration paid against further milestone achievements relating to pharmaceutical GMP manufacture and commercialization, with optionality for Bod to pay in cash or shares over a 12-36 month timeframe. The earnout payments are conditional upon ASX and shareholder's approval. As on March 7, 2023, Bod has successfully completed the stability testing of the Aqua Phase product format within the agreed time frame, along with the manufacture of a technical batch per the acquisition terms and timeframe. Due to third party delays involved in the testing and analyzing phase of the PK study, Bod Science has agreed with the Inventors to extend the date by which this test must be completed to June 30, 2023. As on March 28, 2023, Bod Science is pleased to report the PK study to confirm the bioavailability of Aqua Phase has been submitted for ethics approval, with approval expected within 2 weeks. Recruitment for study participants will commence immediately once ethics approval is received. The PK study will recruit 12 subjects and will continue for 4 weeks. Results are expected in June 2023. The transaction is expected to close on August 8, 2023.

Bod Australia Limited (ASX:BOD) completed the acquisition of Aqua Phase Ltd on August 10, 2023.