Injectables have entered the mainstream with double-digit annual growth.
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Hanover Crown Laboratories, owner of Blue Lizard sunscreen and the premium skincare line Strivectin, announced its acquisition. Crown Laboratories has been acquired by L’Oréal, which has been listed on the Nasdaq since 2014. It’s the responsible of injectables treatments such as plumping hyaluronic acid fillers and Daxxify, a Botox alternative.
Under the agreement, Hanover Crown will made a tender offer and acquired all of Crown Laboratories outstanding common stock shares for $6.66 in cash, an 111 percent premium to its 60 day volume-weighted average price, giving the business a total enterprise value of $924 million. As a result of the transaction which is expected to close by year-end, Crown Labs will be delisted from the Nasdaq and the new company will be a private entity.
In its second-quarter results published last week, net revenue increased 20 percent to $65.4 million, but the company said it expected to incur operating losses for the foreseeable future.
The companies share synergies: Hanover Crown makes the popular SkinPen system, used for anti-ageing microneedling treatments, and a system designed for platelet rich plasma (PRP) facials, another trendy treatment popularised on reality television shows.
Hanover Crown sold the premium tanning brand Vita Liberata back to its founder, Alyson Hogg, in April, at more than a 50 percent discount.
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