This Acquisition Enhances PRN Physician Recommended Nutriceuticals' ("PRN")Product Portfolio of Science-Based Eye Health Products
BLUE BELL, Pa., Sept. 20, 2024 /PRNewswire/ -- Acumen Health Holdings, LLC, a professionally recommended, consumer-preferred dietary supplements company focused on eye health and companion animals, announced today that its subsidiary, PRN Physician Recommended Nutriceuticals, LLC, has entered into a definitive asset purchase agreement to acquire the assets of the Avenova® brand (the "Brand") and business from NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) ("NovaBay"). The Brand offers several products for ocular health including cleansing sprays, absorbent wipes, and heated eye masks. The Brand's leading product, the Avenova® Lid & Lash Cleansing Spray, is a hypochlorous acid spray utilized to promote eye hygiene. Avenova® products are sold through the direct-to-consumer, professional, and retail pharmacy channels. The transaction is anticipated to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions.
The acquisition of the Brand will bolster PRN's existing portfolio and strengthen PRN's commitment to deliver high-quality products that have a meaningful impact on patients' eye health. PRN will leverage their existing sales force and relationships with optometrists and ophthalmologists to expand access and awareness of Avenova® products.
"The Brand pioneered the use of hypochlorous acid in eyecare and has a long history of success in the professional channel," said Scott Woodruff, CEO of Acumen Health Holdings. "This exciting acquisition broadens PRN's existing eye health product portfolio and allows PRN to better serve patients through offering an expanded suite of science-based eye health products."
The deal builds on PRN's strategy to grow its presence in the eye health market organically and through acquisitions. Avenova® will represent the sixth add-on acquisition completed by PRN in the past 5 years.
Please see the NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) press release for information regarding their go-forward plans following this transaction.
Alex Putala
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Blue Bell, PA 19422
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SOURCE Acumen Health Holdings
