NovaBay Acquires Skincare-Focused Firm For $15M

NovaBay Pharmaceuticals Inc (NYSE:NBY) has agreed to acquire DERMAdoctor LLC, a privately-held company that commercializes dermatologist-developed skincare products, for $15.0 million.
The deal value includes $12.0 million in cash and an additional $3 million in earnout payments contingent upon the DERMAdoctor business achieving predetermined financial targets for the 2022 and the 2023 fiscal years.
DERMAdoctor produces and sells more than 30 products under brands including Ain't Misbehavin', Calm Cool + Corrected, Kakadu C, KP Duty, and Wrinkle Revenge.
The acquisition has the potential to double topline revenue in 2022.
DERMAdoctor sells its products through major retailers.
The transaction will close in Q4 of 2021.
Price Action: NBY stock is up 7.57% at $0.69 during the market session on the last check Tuesday.