Carmell Closes Acquisition of Elevai Skincare
Deal News | Jan 16, 2025 | Globenewswire
Carmell Corporation, a company that specializes in bio-aesthetics for skin and hair health, has successfully completed the acquisition of Elevai Skincare, a leader in physician-dispensed exosome skin and hair care products. The acquisition, made in agreement with PMGC Holdings Inc., involved a purchase consideration primarily consisting of Carmell common stock and cash. Carmell has assumed top assets from Elevai including a product portfolio with $2.5 million revenue projections for FY2024 and crucial commercial teams. The deal also included future contingent considerations based on sales performance of Elevai’s products. Through this acquisition, Carmell aims to expand its product portfolio, broaden its commercial reach, and improve cash flow. The company foresees synergistic benefits in operational efficiencies and market expansion.
Sectors
- Bio-Aesthetics
- Cosmetic and Personal Care
Geography
- United States – Both Carmell Corporation and Elevai Skincare operate within the United States, with additional references to U.S. FDA-approved methods being part of Carmell's product development.
Industry
- Bio-Aesthetics – Carmell operates in the bio-aesthetics sector, focusing on products that enhance skin and hair health through innovative biotechnologies.
- Cosmetic and Personal Care – Elevai Skincare develops specialized skincare and haircare products dispensed by physicians, aligning with the cosmetic and personal care industry's focus on science-backed skin treatments.
Financials
- $1.1 million – Value of Carmell common stock issued for the acquisition.
- $57,000 – Cash to be paid by Carmell upon selling specified inventory.
- $500,000 – Potential milestone payment if Elevai’s products achieve certain revenue targets.
- $2.5 million – Estimate of Elevai's product portfolio revenue for FY2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Carmell Corporation | Acquirer | Company | A bio-aesthetics company focusing on skin and hair health, utilizing the Carmell Secretome for product development. |
| Elevai Skincare, Inc. | Target Company | Company | A company specializing in physician-dispensed exosome skin and hair care products. |
| PMGC Holdings Inc. | Vendor | Company | The former parent company of Elevai Skincare and responsible for the agreement with Carmell. |
| Rajiv Shukla | Chairman of Carmell | Person | Chairman overseeing Carmell's strategic decisions and its integration of Elevai's operations. |