Drugstore.com to absorb SkinStore.com
This article was originally published in The Rose Sheet
Executive Summary
Bellevue, Wash.-based Drugstore.com Inc. will acquire Salu, Inc., owner of online personal-care retailer SkinStore.com, for $36 mil., moving "one step closer toward achieving our goal of becoming the leading online retailer of beauty and spa products," firm says. According to Dec. 28 release, the half-cash, half-stock deal will close in the first quarter of 2010. SkinStore.com - which carries clinical skin-care items, sun protection products and skin health supplements - will fill out retailer's offering, which includes mass beauty products sold on Drugstore.com and the higher-end cosmetics in its Beauty.com portal, acquired in 2000 (1"The Rose Sheet" Jan. 17, 2000). Salu, expected to generate $40 million in revenue and $500,000 in net income for 2009, will continue to operate in Sacramento, Calif
You may also be interested in...
Drugstore.com Enters Prestige H&BA Market With Beauty.com Buy
Drugstore.com's proposed acquisition of beauty.com will provide the e-tailer with prestige-positioned H&BA offerings to complement its mass market brands. In a deal announced Jan. 12, drugstore.com will acquire beauty.com for approximately 1.3 mil. shares of stock worth about $42 mil.
Japan Grants Global-First Approval To Zolbetuximab, 15 Other New Drugs
Astellas's first-in class CLDN18.2-targeting antibody receives its first approval worldwide, while crovalimab and a number of drugs for rare diseases also receive nods from regulators and are now awaiting reimbursement price-listing.
Hanmi-OCI Merger Hits Wall As Brothers Win Shareholder Vote, Board Seats
The planned merger of Korea's Hanmi Pharm Group with OCI Group hits a major speed bump as the two sons of Hanmi's founder and other candidates recommended by them secture board seats. But it remains to be seen how the Lim brothers will fulfil their ambitious promises.