MISSISSAUGA, ON, Aug. 8, 2017 /CNW/ - Crescita Therapeutics Inc. (TSX:CTX) (Crescita or the Company), a commercial dermatology company with a portfolio of non-prescription skincare products and prescription drug products, today announced that its wholly owned subsidiary, INTEGA Skin Sciences has acquired the Alyria skincare line of products from Sanofi Consumer Health Inc.
Alyria is a high-quality, non-prescription, line of medical skincare products sold into medical spas. The product is highly complementary to INTEGA's Pro-Derm™ product offering and will be sold through Crescita's existing sales force.
Crescita purchased Alyria for cash consideration of $1.7 million, consisting of a combination of fixed cash installments, of which $0.8 million will be paid in 2017, as well as a royalty agreement based on a threshold of annual net sales of Alyria over a nine-year period starting in 2020.
Key Benefits of the Transaction:
- Immediately accretive to revenue and gross margin for Crescita;
- Products are complementary to our Laboratoire Dr Renaud™ and Pro-Derm brands with offerings in areas not currently part of INTEGA's portfolio;
- Broadens Crescita's customer base with the potential for growth of existing products to new customers;
- Products will be sold and marketed through Crescita's current sales and marketing teams; and
- Manufacturing for some of the Alyria products will be transferred to Crescita's Laval facility.
"This acquisition provides Crescita with a number of immediate benefits, including synergies in leveraging our sales and marketing infrastructure and know-how, increasing our manufacturing capacity utilization and increasing our product offering to international markets. In addition, we gain more than 200 new customers to expand the sales reach of our existing product lines," said Serge Verreault, Crescita's President.
Alyria is a prestigious line of effective products that offers a complete solution for all patient skin concerns and helps them to achieve healthier skin with visible results. Alyria products incorporate only the best ingredients, as well as the most advanced skincare technologies worldwide. Alyria is available exclusively to physicians and can be purchased throughout Canada in various Medispas.
About Crescita Therapeutics Inc.
Crescita (TSX:CTX) is a publicly traded, Canadian commercial dermatology company with a portfolio of non-prescription skincare products for the treatment and care of skin conditions and diseases and their symptoms and prescription drug products for the treatment of pain. Crescita owns multiple proprietary drug delivery platforms that support the development of patented formulations that can facilitate the delivery of active drugs into or through the skin. For additional information, please visit www.crescitatherapeutics.com.
This Press Release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the potential benefits of the Alyria® acquisition, Crescita's ability to integrate the Alyria® products into INTEGA's existing business, the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Crescita's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, readers should not rely on any of these forward-looking statements. Important factors that could cause Crescita's actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the risk factors included in Crescita's most recent Annual Information Form dated March 29, 2017 under the heading "Risks Factors", and as described from time to time in the reports and disclosure documents filed by Crescita with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on Crescita's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and none of Crescita or any other person assumes responsibility for the accuracy and completeness of these forward-looking statements.
Any forward-looking statement made by the Company in this Press Release is based only on information currently available to it and speaks only as of the date on which it is made. Except as required by applicable securities laws, Crescita undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
SOURCE Crescita Therapeutics Inc.