NovaBay to sell Avenova assets
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NovaBay Pharmaceuticals has entered a definitive agreement to sell its Avenova brand and business assets to Physician Recommended Nutriceuticals for $9.5 million in cash, the company announced in a press release.
“This transaction allows our stockholders to more fully realize the value we have created over the past 10 years with the Avenova brand,” Justin Hall, NovaBay’s CEO, said in the release. “We are particularly pleased to place Avenova with PRN, a well-established eye care company that shares our commitment to providing best-in-class products that support ocular health.”
The sale has been approved by the company’s board of directors but will require approval from NovaBay stockholders, sought via vote by proxy solicitation, the release stated. The transaction is expected to close by the end of this year.
“I believe we have found an ideal home for Avenova,” Hall said in the release. “We expect the brand to continue to grow and flourish under PRN’s capable leadership and their ability to promote Avenova through their existing network of more than 5,000 eye care professionals.”
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