Canada's Bioniche Life Sciences is to sell its Irish subsidiary Bioniche Pharma Group, to US private equity firm RoundTable Health Partners for $33 million dollars.

Bioniche Pharma operates a sterile injectibles manufacturing facility based in County Galway, and sells a number of generic pharmaceutical products in the US market, as well as a branded product, Suplasyn (hyaluronic acid) for treating osteoarthritis, in 30 countries around the world.

Bioniche said the deal would allow it eliminate a slice of its debt and focus its resources on pipeline projects. It has a proprietary cancer treatment, mycobacterial cell wall-DNA complex, heading into a Phase III trial in superficial bladder cancer, with a veterinary vaccine in the latter stages of registration.

“These two key projects require significant attention and investment at this late stage of their development," said Bioniche’s CEO Graeme McRae.