Crescita to Acquire Strategic Assets of Occy Laboratory
Crescita Therapeutics has announced its intention to acquire the non-real estate business assets of Occy Laboratory. This acquisition, part of Occy's voluntary bankruptcy proceedings, includes manufacturing equipment, inventory, a customer network, and intellectual property. The transaction aims to enhance Crescita's position in the Canadian skincare market by expanding its product portfolio and client base. The addition of Occy's Aquafolia product line, known for its natural anti-aging biotechnologies, is expected to complement Crescita's existing offerings and drive future growth. The deal received approval from the Québec Superior Court and is anticipated to close soon.
- Acquisition of Occy's non-real estate assets enhances Crescita’s product portfolio.
- Expands Crescita's customer network in the Canadian skincare market.
- Aquafolia product line complements Crescita’s existing offerings with natural anti-aging biotechnologies.
- Transaction aligns with Crescita’s long-term vision and growth plan.
- No immediate financial data provided regarding the acquisition's impact.
The Transaction, conducted pursuant to the voluntary proceedings undertaken by Occy under the Bankruptcy and Insolvency Act, is expected to enhance Crescita’s position in the Canadian skincare market by expanding its product offering and customer network and represents a further step in the execution of Crescita’s growth plan. The acquired assets include Occy’s manufacturing equipment, inventory, customer network and intellectual property (the “Assets”).
“This tuck-in acquisition aligns with our long-term vision to become a leading Canadian skincare company,” stated Serge Verreault, President and CEO of Crescita. “We are pleased to expand our skincare portfolio with Aquafolia, Occy’s lead product line. This brand’s distinctive identity lies in its use of natural anti-aging biotechnologies to formulate high-performance skincare and is complementary to our existing portfolio. We believe that this transaction strengthens Crescita’s position and product offering in our markets, underscoring our commitment to delivering exceptional skincare solutions to our customers. We look forward to leveraging the new assets to drive future growth and innovation,” concluded Mr. Verreault.
The Transaction received a Vesting and Approval Order rendered by the
Crescita will continue the commercial activities carried on by Occy prior to closing, while it integrates the Assets into its operations in the coming months. Crescita will provide financial information following the closing of the Transaction.
About Crescita Therapeutics Inc.
Crescita (TSX: CTX and OTC US: CRRTF) is a growth-oriented, innovation-driven Canadian commercial dermatology company with in-house R&D and manufacturing capabilities. The Company offers a portfolio of high-quality, science-based non-prescription skincare products and a commercial stage prescription product. We also own multiple proprietary transdermal delivery platforms that support the development of patented formulations to facilitate the delivery of active ingredients into or through the skin. For more information visit, www.crescitatherapeutics.com.
Forward-looking Information
All information in this press release, other than statements of current and historical fact, represents forward-looking information within the meaning of applicable securities laws and is qualified by this cautionary note. Forward-looking information can be identified by words such as: “believe”, “expect”, “become”, “future”, “will” and similar references to future periods. Forward-looking information in this news release includes, but is not limited to, statements with respect to the acquisition and integration of the Assets, the expected impact of the acquisition on the Company’s business, strategic growth plan, long-term vision, expansion opportunities and market position, the expected closing date of the acquisition and expectations with respect to Occy’s continued commercial activities.
Forward-looking information is neither historical fact nor an assurance of future performance. Instead, it based only on current beliefs, expectations, and assumptions regarding the future of the Company’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.
Because forward-looking information relates to the future, it is 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. Actual results may differ materially from those indicated in forward-looking information.
Therefore, you should not unduly rely on any forward-looking information. Important factors and risks that could cause actual results to differ materially from those indicated in forward-looking information include, among others:
- economic and market conditions, including factors impacting global supply chains such as pandemics and geopolitical conflicts and tensions;
- the failure of the Assets and operations acquired by Crescita to achieve expected financial results;
- the failure of the Company to effectively integrate the Assets into its operations;
- the failure of the Company to execute on anticipated growth and innovation strategies involving the Assets;
- the impact of Occy’s proceedings of the Bankruptcy and Insolvency Act on the Assets, including relationships with customers, suppliers and employees;
- the degree or lack of market acceptance of the acquired products;
- the Company’s ability to retain key personnel following closing of the transaction; and
- manufacturing and supply risks;
- other risk factors described from time to time in the reports and disclosure documents filed by Crescita with Canadian securities regulatory agencies and commissions, including the sections entitled “Risk Factors” in the Company’s most recent annual Management’s Discussion and Analysis and Annual Information Form, which are available on Crescita’s profile on SEDAR+ at www.sedarplus.ca.
As a result of the foregoing and other factors, no assurance can be given that future results, levels of activity or achievements indicated in any forward-looking information will actually be achieved. Any forward-looking information in this press release is based only on information currently available to management and speaks only as of the date on which it is provided. Except as required by applicable securities laws, Crescita undertakes no obligation to publicly update any forward-looking information, whether written or oral, that may be provided from time to time, whether as a result of new information, future developments or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240620508779/en/
FOR MORE INFORMATION, PLEASE CONTACT:
Linda Kisa, CPA, CA
Vice-President, Reporting and Corporate Affairs
Email: lkisa@crescitatx.com
Source: Crescita Therapeutics
FAQ
What assets is Crescita Therapeutics acquiring from Occy Laboratory?
How will the acquisition of Occy's assets impact Crescita's market position?
What is the significance of the Aquafolia product line in Crescita's acquisition?
Has the acquisition of Occy's assets by Crescita been approved by any authority?
When is the Crescita and Occy Laboratory asset acquisition expected to close?
