24/7 Market News- NovaBay Pharmaceuticals Agrees to Sell its Avenova Assets

September 20, 2024

DENVER, Colo., Sep 20, 2024 (247marketnews.com)- NovaBay Pharmaceuticals (NYSE: NBY) stated that it entered into a definitive asset purchase agreement with PRN Physician Recommended Nutriceuticals to sell its Avenova brand’s assets and business for $9.5 million in cash, which is anticipated to close in the fourth quarter of 2024, including NovaBay shareholder approval.

Justin Hall, NovaBay’s CEO, stated, “This transaction allows our stockholders to more fully realize the value we have created over the past 10 years with the Avenova brand. We are particularly pleased to place Avenova with PRN, a well-established eyecare company that shares our commitment to providing best-in-class products that support ocular health.

“I believe we have found an ideal home for Avenova. We expect the brand to continue to grow and flourish under PRN’s capable leadership and their ability to promote Avenova through their existing network of more than 5,000 eyecare professionals. It’s gratifying to share that more people are using Avenova than ever before and with the support, resources and synergies that PRN can provide, we expect that number to continue to grow.”

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