PROVO, Utah, Oct. 27, 2011 /PRNewswire/ -- Nu Skin Enterprises, Inc. (NYSE: NUS) is pleased to announce that it has executed a letter of intent to acquire LifeGen Technologies, LLC, a genomics company based in Madison, Wisconsin for $11,662,500. The letter of intent includes the acquisition of substantially all of the assets of LifeGen, including its tissue bank, proprietary gene expression database, patents and intellectual property related to gene research. In connection with the transaction, the company will also enter into consulting agreements with LifeGen co-founders, Richard Weindruch, Ph.D., and Tomas Prolla, Ph.D., and the two will continue to serve on the Nu Skin Anti-aging Scientific Advisory Board.
"Our acquisition of LifeGen will further solidify the competitive advantage Nu Skin enjoys with our ageLOC anti-aging platform with exclusive access to LifeGen's breakthrough work on genetic sources of aging," said Chief Executive Officer, Truman Hunt. "The acquisition also makes financial sense as we will no longer incur royalty obligations on products developed with LifeGen's assistance. Overall, we believe that this acquisition of LifeGen will enhance our pipeline of next-generation anti-aging products for many years to come, allowing us to provide a steady stream of innovative anti-aging solutions aimed at helping people live younger, longer."
"LifeGen truly is a unique resource in the battle against aging," said Dr. Joseph Chang, Nu Skin's chief scientific officer. "Its extensive database of genetic tissue information related to the aging process and its proprietary algorithm provide the unique ability to identify aging-related genes. Few labs in the world can match this capability. We are delighted to welcome the LifeGen team to our own team of world-class scientists."
The company initiated its scientific collaboration with LifeGen in 2009. Since th
|SOURCE Nu Skin Enterprises, Inc.|
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