Finance In Brief
This article was originally published in The Rose Sheet
Executive Summary
ProCyte acquisition: Montgomeryville, Penn.-based PhotoMedex announces plans Dec. 1 to purchase dermatological skin care marketer ProCyte in a stock-for-stock transaction estimated at $24.4 mil. Subject to customary terms and conditions including stockholder approval, the transaction is expected to close in the first quarter. PhotoMedex will issue .6622 shares of its common stock in exchange for each outstanding share of ProCyte common stock; the firm expects to issue approximately 10.5 mil. shares total of common stock. CIBC World Markets and Wells Fargo Securities are acting as financial advisors. ProCyte, which markets copper peptide compounds to skin care companies such as Neutrogena in addition to marketing its own skin care lines in doctors' offices, reported revenues of $12 mil. for the 12 months ended Sept. 30. Acquisition gives PhotoMedex entry into aesthetic dermatology market, offering a substantial growth opportunity, according to the firm, which sells contract procedures to hospitals and doctors' offices in a range of specialties, including dermatology...