Nutriband, a US pharmaceutical company founded by Irish entrepreneur Gareth Sheridan has acquired Georgia-based 4P Therapeutics for $1.9 million.
The acquisition comes nearly a year after it bought Ohio-based Company Advanced Health Brands, whose intellectual property (IP) was subsequently independently valued at $120.7 million.
Nutriband, based in Florida, went public two years ago. The company markets transdermal treatments for cardiovascular disease, inflammatory joint disease, asthma and diabetes that uses the same absorption method as nicotine patches.
The company said it had acquired a 100 per cent interest in 4P Therapeutics for $1.9 million payable in both stock and cash. 4P Therapeutics will receive 250,000 shares and cash of $400,000 as part of the deal.
4P Therapeutics is a transdermal drug delivery company capable of developing pharmaceutical products ranging from pre-clinical testing to manufacturing and early stage clinical development.
Once the deal is completed, 4P Therapeutics will become the pharmaceutical and development arm of Nutriband, Mr Sheridan said.
“This latest acquisition presents a great opportunity for us to grow in the transdermal space particularly as we add 4P’s products and IP to our pipeline and own our own R&D now,” he added.
Former Irish presidential candidate Sean Gallagher, who is also a founder of the home-technology company Smarthomes, and previously an investor on the RTÉ series Dragons' Den, was appointed president of Nutriband in February.
