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Nu Skin Acquires Biotech Company Nox Technologies for $12.5 Million
Posted: November 14, 2012
Nu Skin Enterprises, Inc. announced it has signed an agreement to acquire Nox Technologies, Inc., a biotechnology and biodiagnostic company focused on the identification, characterization and detection of cell surface proteins relating to aging and based in Malvern, Pennsylvania, for $12.5 million. The agreement includes the acquisition of technology and patents, including previously licensed technology already utilized in connection with Nu Skin’s anti-aging research efforts.
“The acquisition of Nox Technologies demonstrates our ongoing commitment to scientific innovation and provides us with additional tools to target the sources of aging,” said chief scientific officer Joe Chang, PhD. “Furthermore, we believe the acquisition will enhance our long-term pipeline of scientifically validated anti-aging solutions for health, beauty and wellness.”
Nox Technologies provides Nu Skin scientists with a deeper understanding of the aging process and supports the company’s ability to understand important sources of aging. arNox, an age-related protein identified by Nox Technologies, is found on the cell surface and is capable of superoxide generation, a relevant aspect of the aging process.
According to Thomas B. Shelton, CEO of Nox Technologies, “This merger is the culmination of many years of working with Nu Skin researchers on our arNox technology. Nox Technologies’ translation of the basic science around arNox paved the way for this unique technology to be incorporated into Nu Skin’s successful anti-aging research and development efforts.”
The acquisition is subject to customary closing conditions, including approval of the transaction by the stockholders of Nox Technologies, Inc. Closing is expected to occur prior to the end of 2012.
Additionally, Nu Skin also provided its 2013 financial guidance in advance of its annual investor day. The company projects annual revenue of $2.25–2.3 billion, a 7–9% increase, or 8–10% on a constant currency basis. Earnings per share are estimated to be $3.70–$3.85, an increase of 10–15% over 2012. “As we conclude another successful year, we continue to generate healthy momentum and are projecting 2013 to be another record-breaking year for Nu Skin,” said Truman Hunt, Nu Skin’s president and CEO. “We anticipate strong growth in our sales leaders and consumer base, healthy trends in all of our regions, and a record launch of our new ageLoc weight management system in 2013. Our management team looks forward to sharing more details of our 2013 growth strategy, as well as our long-term plan for achieving our $4.00 per share target, at our annual investor day meeting today.”