NutraMax divestiture
This article was originally published in The Tan Sheet
Executive Summary
OTC health products company is selling its Optopics Laboratories ophthalmics division to Miza Pharmaceuticals, the firm announces Oct. 15. NutraMax expects to finalize the deal within 35 days. The company announced in the spring its intention to sell the business to devote attention to its more profitable first aid, cough/cold and personal care lines (1"The Tan Sheet" May 3, p. 12). Optopics products include OTC eye drops, artificial tears and contact lens solutions and cleaners sold under brand names including Optopics, as well as eight Rx products. Acquired by NutraMax in 1993, the business recorded $11.6 mil. in revenues in fiscal 1998. Separately, NutraMax' common stock is delisted from the Nasdaq SmallCap Market because the company has not filed its 10-Q report for the fiscal third quarter and nine month periods ended July 3 with the SEC. NutraMax says it continues to work with its auditors to complete the filing but is unable to predict when it will be able to do so. The firm has cited inventory and accounting procedures as the reason for the delay (2"The Tan Sheet" Aug. 30, In Brief)
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OTC health products company is selling its Optopics Laboratories ophthalmics division to Miza Pharmaceuticals, the firm announces Oct. 15. NutraMax expects to finalize the deal within 35 days. The company announced in the spring its intention to sell the business to devote attention to its more profitable first aid, cough/cold and personal care lines (1 (Also see "Nutramax To Sell Opthalmics Unit, Focus on First Aid, Cough/Cold, H&BAs" - Pink Sheet, 3 May, 1999.)). Optopics products include OTC eye drops, artificial tears and contact lens solutions and cleaners sold under brand names including Optopics, as well as eight Rx products. Acquired by NutraMax in 1993, the business recorded $11.6 mil. in revenues in fiscal 1998. Separately, NutraMax' common stock is delisted from the Nasdaq SmallCap Market because the company has not filed its 10-Q report for the fiscal third quarter and nine month periods ended July 3 with the SEC. NutraMax says it continues to work with its auditors to complete the filing but is unable to predict when it will be able to do so. The firm has cited inventory and accounting procedures as the reason for the delay (2 (Also see "NutraMax" - Pink Sheet, 30 Aug, 1999.)). |