Thursday November 14, 2013 0 commentsDENVER - MusclePharm Corp. (OTCQB: MSLP), a leading international sports nutrition company, announced it has signed a definitive asset purchase agreement with California-based BioZone Pharmaceuticals Inc. to acquire all of BioZone's assets and those of its subsidiaries.
Under the terms of the agreement, MusclePharm - through a newly formed Nevada subsidiary, BioZone Laboratories - will acquire substantially all of the assets of BioZone and its subsidiaries including its manufacturing facility in Richmond, Calif.
MusclePharm will also acquire BioZone's QuSomes, HyperSorb and EquaSome technologies and BioZone's Baker-Cummins line of products.
BioZone's patented QuSomes technology enhances the absorption of topical and other drugs. MusclePharm said it is evaluating the technology in connection with its nutritional supplements to determine if the combination will enhance the absorption and speed of delivery of several MusclePharm products.
MusclePharm said it believes the acquisition of BioZone will provide it with a substantial opportunity to bring science, innovation and sophistication to the sport nutrition market.
Purchase price of BioZone is 1.2 million shares of MusclePharm's common stock, of which 600,000 shares will be placed in escrow for nine months to cover indemnification obligations, MusclePharm said.
Closing on the acquisition is expected to occur prior to the end of 2013.