Acumen Health Holdings ("Acumen") to Acquire the Avenova brand from NovaBay Pharmaceuticals

Rhea-AI Summary

Acumen Health Holdings has announced that its subsidiary, PRN Physician Recommended Nutriceuticals, will acquire the Avenova® brand from NovaBay Pharmaceuticals (NYSE American: NBY). The acquisition, expected to close in Q4 2024, will enhance PRN's portfolio of science-based eye health products. Avenova® offers products for ocular health, including cleansing sprays, wipes, and heated eye masks, with its leading product being a hypochlorous acid spray for eye hygiene.

PRN plans to leverage its existing sales force and relationships with eye care professionals to expand access and awareness of Avenova® products. This marks PRN's sixth add-on acquisition in five years, aligning with its strategy to grow in the eye health market both organically and through acquisitions.

Positive

• Acquisition expands PRN's product portfolio in the eye health market
• Potential for increased market reach through PRN's existing sales channels
• Strengthens PRN's position in the science-based eye health products sector
• Aligns with PRN's growth strategy through acquisitions

Negative

• None.

News Market Reaction – NBY

+48.92%

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+48.92% News Effect

On the day this news was published, NBY gained 48.92%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

This Acquisition Enhances PRN Physician Recommended Nutriceuticals' ("PRN") Product Portfolio of Science-Based Eye Health Products

BLUE BELL, Pa., Sept. 20, 2024 /PRNewswire/ -- Acumen Health Holdings, LLC, a professionally recommended, consumer-preferred dietary supplements company focused on eye health and companion animals, announced today that its subsidiary, PRN Physician Recommended Nutriceuticals, LLC, has entered into a definitive asset purchase agreement to acquire the assets of the Avenova® brand (the "Brand") and business from NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) ("NovaBay"). The Brand offers several products for ocular health including cleansing sprays, absorbent wipes, and heated eye masks. The Brand's leading product, the Avenova® Lid & Lash Cleansing Spray, is a hypochlorous acid spray utilized to promote eye hygiene. Avenova® products are sold through the direct-to-consumer, professional, and retail pharmacy channels. The transaction is anticipated to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions.

The acquisition of the Brand will bolster PRN's existing portfolio and strengthen PRN's commitment to deliver high-quality products that have a meaningful impact on patients' eye health. PRN will leverage their existing sales force and relationships with optometrists and ophthalmologists to expand access and awareness of Avenova® products.

"The Brand pioneered the use of hypochlorous acid in eyecare and has a long history of success in the professional channel," said Scott Woodruff, CEO of Acumen Health Holdings. "This exciting acquisition broadens PRN's existing eye health product portfolio and allows PRN to better serve patients through offering an expanded suite of science-based eye health products."

The deal builds on PRN's strategy to grow its presence in the eye health market organically and through acquisitions. Avenova® will represent the sixth add-on acquisition completed by PRN in the past 5 years.

Please see the NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) press release for information regarding their go-forward plans following this transaction.

Alex Putala
(920) 255-4972
960 Harvest Drive, Suite B250
Blue Bell, PA  19422

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SOURCE Acumen Health Holdings

FAQ

What is Acumen Health Holdings acquiring from NovaBay Pharmaceuticals (NBY)?

Acumen Health Holdings, through its subsidiary PRN Physician Recommended Nutriceuticals, is acquiring the Avenova® brand and business assets from NovaBay Pharmaceuticals (NYSE American: NBY).

When is the acquisition of Avenova® by PRN expected to close?

The acquisition is anticipated to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions.

What products does the Avenova® brand offer?

The Avenova® brand offers several products for ocular health, including cleansing sprays, absorbent wipes, and heated eye masks. Their leading product is the Avenova® Lid & Lash Cleansing Spray, a hypochlorous acid spray for eye hygiene.

How many acquisitions has PRN completed in the past 5 years, including Avenova®?

The acquisition of Avenova® will represent the sixth add-on acquisition completed by PRN in the past 5 years.