The Board of Quintis was informed on May 09 Galderma’s contract termination is weighing on stock

Galderma’s contract termination is weighing on stock:The Board of Quintis was informed on May 09, 2017 that Galderma (subsidiary of Nestle) had terminated the supply arrangements with Santalis (wholly-owned subsidiary of Quintis) on 16 December 2016. Further, under the termination agreement, Galderma had retained an option to recall the license and supply arrangements on or prior to 1 July 2017. However, the board was not informed on the contract termination and the latest announcement has come as a huge negative surprise as it appeared to be a corporate governance issue by investors and shareholders. The contract was signed in February 2014 with Galderma, which covers the licensing of acne products created by Santalis and the supply of pharmaceutical-grade East Indian sandalwood oil (‘EISO’) to be used as a key ingredient in the products. From the operational point of view, the group delivered timely progress at Santalis regarding plantation put option extension and received the grant of an Australian patent relating to sandalwood oil compositions to treat a variety of cancers including leukemia and solid tumors, such as bladder cancer. Further, the company has selected its preferred off-take counterparty in China, however no final sales agreement has been signed yet.

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