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SkinBioTherapeutics finalises acquisition of Dermatronics
(Sharecast News) - SkinBioTherapeutics announced on Friday that it has finalised the acquisition of Dermatonics, known for its topical and dermatological products within the skincare and wound care sector. The AIM-traded firm said the acquisition was completed through an initial payment of £1.68m, with an additional £1.25m earn-out arrangement spanning three years.
It said the transaction was conducted on a cash-free and debt-free basis, with the necessary funds for the purchase secured through its new convertible bond facility.
"We are delighted to have completed the transaction with Dermatonics," said chief executive officer Stuart Ashman.
"As we said in the announcement yesterday, this acquisition aligns directly with the inorganic growth strategy we outlined in our full-year results last year."
Ashman said it was an accretive deal that would provide immediate benefits through synergies and accelerated routes to market.
"Our focus now is to integrate the two businesses and build value for our shareholders."
At 1546 GMT, shares in SkinBioTherapeutics were down 9.42% at 11.55p.
Reporting by Josh White for Sharecast.com.
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