Crescita Completes Acquisition of Strategic Assets of Occy Laboratory
26 Juin 2024 - 1:45PM
Business Wire
Crescita Therapeutics Inc. (TSX: CTX and OTC US:
CRRTF) (“Crescita” or the “Company”), a growth-oriented,
innovation-driven Canadian commercial dermatology company, today
announced that it has concluded the asset purchase agreement (the
“Purchase Agreement”) to acquire all of the non-real estate
business assets of Occy Laboratory Inc. (“Occy”), a Laval-based
manufacturer and distributor of high-quality dermocosmetic products
(the “Transaction”). The acquired assets include Occy’s
manufacturing equipment, inventory, customer network and
intellectual property (the “Assets”).
Pursuant to the terms of the Purchase Agreement, Crescita
acquired the Assets for total cash consideration of $0.9 million.
Occy’s revenue for fiscal 2023, its most recently completed
year-end, was approximately $1.5 million.
“We are very pleased with the financial terms of this
acquisition and expect that it will be accretive to EBITDA once the
integration is complete,” stated Mr. Verreault. “This acquisition
creates an exciting opportunity for us to accelerate growth and
enhance our profitability.”
The Transaction, conducted pursuant to the voluntary proceedings
undertaken by Occy under the Bankruptcy and Insolvency Act, was
approved by the Québec Superior Court at a sale approval hearing on
June 19, 2024, as previously announced.
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.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240626660445/en/
FOR MORE INFORMATION, PLEASE CONTACT: Linda Kisa, CPA, CA
Vice-President, Reporting and Corporate Affairs Email:
lkisa@crescitatx.com
Crescita Therapeutics (TSX:CTX)
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