Enzymotec Ltd. Expands VAYA Product Portfolio with Five Nutritional Supplements Acquired from Union Springs Healthcare
MIGDAL HA'EMEQ, Israel, Aug. 30, 2017 (GLOBE NEWSWIRE) -- Enzymotec Ltd. (Nasdaq:ENZY), a developer, manufacturer and marketer of innovative bio-active lipid ingredients and nutritional products, today announced that it has acquired all rights pertaining to five nutritional products from Union Springs Healthcare, LLC, a company founded by renowned health care entrepreneur, Roger Griggs. The products – formulated to help support brain health, behavior and sleep – will be produced, sold and marketed through Enzymotec’s U.S.-based VAYA Pharma Inc. In addition, Roger Griggs will now act as a senior advisor to the company.
“This acquisition demonstrates the tremendous expansion opportunities we see in VAYA as we work diligently to execute on our renewed growth strategy. We look forward to collaborating with Roger Griggs as his expertise aligns with Enzymotec’s mission to enhance personal health and well-being across the entire health spectrum,” commented Erez Israeli, Enzymotec’s President and Chief Executive Officer. “We remain focused on VAYA’s profitability as these complementary products will immediately contribute to revenue. Additionally, to support our expanded portfolio we intend to partner with local pharmacies, institute a new digital marketing platform with consumer support groups and launch social media programs to drive increased awareness and sales.”
Under the terms of the agreement, Enzymotec will receive all rights to Union Springs Healthcare’s portfolio of clinically validated nutritional supplement products. Union Springs Healthcare will receive an upfront cash payment of $3.6 million as well as warrants to purchase up to 200,000 shares of the Company’s common stock (with an exercise price calculated using the 45-day average closing price of the Company’s shares before the closing). In addition, Union Springs Healthcare will receive single digit royalties on sales, as well as milestone payments up to an additional total of $22 million based on the achievement of sales targets ranging from $10 million to $100 million.
Roger Griggs, Founder of Union Springs Healthcare, stated “We have the unique opportunity to further define the growing ‘specialty nutrition’ space, which creates new options for healthcare practitioners to better manage their patients’ needs with lower costs. The addition of our products and existing partnerships will broaden the reach of the products, enhance channels of distribution and improve field call efficiencies across the board. We also look forward to leveraging Enzymotec’s formidable science and sales and marketing infrastructure to scale up our existing collaborations with healthcare professionals who are searching for a clinically validated yet more natural approach to medicine.”
The five products joining VAYA’s product portfolio include:
LuciPlex®: A comprehensive brain health formula comprised of a proprietary blend of primarily natural based ingredients formulated and clinically validated to help support memory, focus and cognition.
NoctoPlex®: A sleep formula comprised of a proprietary blend of primarily natural based ingredients that is formulated to enhance the duration and quality of sleep. NoctoPlex is drug-free, safe, and non-habit forming.
NoctoPlex® for Kids: A first-of-its-kind sleep formula designed specifically for children 5-17 years of age. This unique formula is comprised of a proprietary blend of primarily natural ingredients that is formulated to enhance the onset, duration and quality of sleep. NoctoPlex for Kids is drug-free, safe and non-habit forming.
AddiVance® for Kids: A comprehensive behavioral formula that supports focus and cognition. AddiVance is a bio-optimized dietary supplement designed to address dietary deficiencies common to maturing children and actively works to promote behavior improvement.
Livenium™: A product that is currently under the final stages of development as a comprehensive calmness facilitating product.
About Union Springs Healthcare, LLC
Union Springs Healthcare is a privately held healthcare company committed to providing healthcare professionals and their patients with a diversified portfolio of prescription quality, primarily naturally derived healthcare products. Union Springs Healthcare products are developed to provide adjunctive health benefits to physicians, pharmacists and their patients.
About Enzymotec Ltd.
Enzymotec is a leading global supplier of specialty lipid-based products and solutions. The Company develops, manufactures and markets innovative bio-active lipid ingredients, as well as final products, based on sophisticated processes and technologies.