Good Deal: DS Healthcare Acquires Radiancy, Neova
DS Healthcare Group, Inc. will acquire Radiancy, Inc., and Neova® from PhotoMedex, Inc.
The board of directors of both companies have voted unanimously in favor of the transaction, which is structured in two reverse triangular mergers, with a non-dilutive provision. The transaction is expected to generate more than $60 million in additional gross sales within the first year.
The deal is subject to customary closing conditions, including shareholder approval and regulatory approvals. Holders of approximately 24 percent of the common stock of DS Healthcare and approximately 17 percent of the common stock of PhotoMedex have agreed to vote their shares in favor of the merger, which is currently expected to close in the second quarter of 2016.
DS Healthcare Group Inc. develops of biotechnology for topical therapies. The Radiancy product portfolio of home-use and professional aesthetic and dermatological devices includes No! No! Skin and No! No! Hair. These products are sold through premium retailers such as The Home Shopping Network and QVC. Neova products are available through dispensing physicians, including dermatologists, plastic surgeons and medical spas.
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