Anagenics to buy Bio-First for $50,000
Key points
- Anagenics executed a binding deal to acquire Australian skincare brand Bio-First for $50,000.
- The transaction is funded entirely with 8,333,333 newly issued shares priced at $0.006 per share.
- The company intends to scale the brand via BLC Cosmetics' distribution channels while preserving cash reserves.
Anagenics (ASX:AN1) entered into a binding agreement to acquire Australian natural skin-health brand Bio-First for $50,000.
The all-scrip deal comes six days after the company sold its licensing agreement to strengthen its balance sheet.
"For a modest upfront investment, we see an attractive opportunity to relaunch the brand through BLC’s existing channels and deliver a meaningful return on investment," said Anagenics Chair Sandy Beard.
The purchase from Bio deNovo Group includes brand assets, customer records, and over 10 product concepts, payable in 8,333,333 shares at $0.006 each.
Following the announcement, the Anagenics share price was unchanged at $0.007.
The company stated it plans to relaunch core products across its network while conducting a wider portfolio review.
The transaction is scheduled to complete upon share issuance during November.
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