Nu Skin Enterprises Enters Into Agreement To Acquire NOX Technologies
NU Skin Ent (NYSE:NUS)
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PROVO, Utah, Nov. 14, 2012 /PRNewswire/ -- Nu Skin Enterprises, Inc. (NYSE: NUS) announced today that it has signed an agreement to acquire NOX Technologies, Inc., a biotechnology and biodiagnostic company based in Malvern, Pennsylvania for $12.5 million. The agreement includes the acquisition of technology and patents, including previously licensed technology already utilized in connection with Nu Skin's anti-aging research efforts.
"The acquisition of NOX Technologies demonstrates our ongoing commitment to scientific innovation and provides us with additional tools to target the sources of aging," said Chief Scientific Officer Joe Chang, Ph.D. "Furthermore, we believe the acquisition will enhance our long-term pipeline of scientifically validated anti-aging solutions for health, beauty and wellness."
NOX Technologies provides Nu Skin scientists with a deeper understanding of the aging process and supports the company's ability to understand important sources of aging. arNOX, an age-related protein identified by NOX Technologies, is found on the cell surface and is capable of superoxide generation, a relevant aspect of the aging process.
According to Thomas B. Shelton, chief executive officer of NOX Technologies, "This merger is the culmination of many years of working with Nu Skin researchers on our arNOX technology. NOX Technologies' translation of the basic science around arNOX paved the way for this unique technology to be incorporated into Nu Skin's successful anti-aging research and development efforts."
The acquisition is subject to customary closing conditions, including approval of the transaction by the stockholders of NOX Technologies, Inc. Closing is expected to occur prior to the end of 2012.
About NOX Technologies, Inc.
Established in 2003, NOX Technologies, Inc. is a biotechnology and biodiagnostic company focused on the identification, characterization and detection of cell surface proteins relating to aging. Through its research and development efforts, NOX Technologies identified agents that interact with age-related ECTO-NOX proteins (arNOX).
NOX Technologies' discovery of specific inhibitors of arNOX that potentially ameliorate skin damage and the signs of aging led to Nu Skin's development of specific skin care products that are useful for improving the youthful appearance of the skin.
About Nu Skin Enterprises, Inc.
Nu Skin Enterprises, Inc. demonstrates its tradition of innovation through its comprehensive anti-aging product portfolio, independent business opportunity and corporate social responsibility initiatives. The company's scientific leadership in both skin care and nutrition has established Nu Skin as a premier anti-aging company. The company's anti-aging products feature the new ageLOC® suite of products including the ageLOC®R2 nutritional supplement, ageLOC® Galvanic Spa System and ageLOC Galvanic Body Spa™, as well as the ageLOC® Transformation daily skin care system. A global direct selling company, Nu Skin operates in 53 markets worldwide and has more than 900,000 active distributors and preferred customers. Nu Skin is traded on the New York Stock Exchange under the symbol 'NUS'. More information is available at http://www.nuskin.com.
Please Note: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that represent the company's current expectations and beliefs. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws and include, but are not limited to, statements of management's expectations and beliefs regarding the company's acquisition of NOX Technologies, Inc.; statements regarding acquisition timing, terms and conditions; statements regarding the impact of the acquisition on the company's scientific research and product development efforts; statements regarding the company's plans and strategies; statements of belief; and statements of assumptions underlying any of the foregoing. In some cases, you can identify these statements by forward-looking words such as "believe," "expect," "project," "anticipate," "estimate," "intend," "plan," "targets," "likely," "will," "would," "could," "may," "might," the negative of these words and other similar words.
The forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ materially from any forward-looking statements or views expressed herein. These risks and uncertainties include, but are not limited to, the following:
- risks that the acquisition may not be completed or may cost more or take longer to complete than anticipated; and
- risks related to the company's ability to effectively integrate and utilize NOX Technologies, Inc. in the company's scientific research and product development efforts.
The forward-looking statements contained herein are further qualified by a detailed discussion of associated risks set forth in the documents filed by the company with the Securities and Exchange Commission. The forward-looking statements set forth the company's beliefs as of the date that such information was first provided and the company assumes no duty to update the forward-looking statements contained in this release to reflect any change except as required by law.
SOURCE Nu Skin Enterprises, Inc.