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 that time, LifeGen's proprietary genetic science has supported Nu Skin's 'super class' of anti-aging products, including the company's most recent introduction of the ageLOC R2 nutritional supplement. The acquisition will further enhance Nu Skin's position as a leader in the anti-aging industry by bringing LifeGen, a company based on more than 30 years of aging research, in house.
"We are pleased to see LifeGen joining the Nu Skin family and cementing our relationship with the company's research and development team as we continue to break new ground in understanding the relationship between gene activity and the nutritional control of the aging process," said Richard Weindruch, Ph.D., co-founder of LifeGen Technologies.
"Since 2009, we have had the pleasure of working closely with Nu Skin's research and development team. We have found significant synergies between our anti-aging expertise and Nu Skin's innovative product development process and extensive knowledge of natural ingredients," added Tomas Prolla, Ph.D., co-founder of LifeGen Technologies. "Working together, LifeGen and Nu Skin will continue to develop the world's largest database of gene expression changes associated with aging and nutritional interventions. We believe this unique resource will allow Nu Skin to continue to launch science-based products that effectively slow aging."
Pursuant to the terms of the letter of intent, the acquisition is subject to completion of a definitive purchase agreement, due diligence and other closing conditions. Assuming satisfactory due diligence, Nu Skin expects to close the acquisition prior to the end of the year
About LifeGen Technologies
The mission of LifeGen Technologies has been to discover the genetic basis of the aging process with the ultimate goal of increasing a healthy life span. LifeGen's technology relating to the use of "gene expression profiling" as a method to measure the progression of the aging process at the molecular level in individual organs is expected to be a key component of the intellectual property to be acquired.
About Nu Skin Enterprises, Inc.
Nu Skin Enterprises, Inc. demonstrates its tradition of innovation through its comprehensive anti-aging product portfolio, independent business opportunity and corporate social responsibility initiatives. The company's scientific leadership in both skin care and nutrition has established Nu Skin as a premier anti-aging company, evidenced in its unique ageLOC™ science that addresses aging at its source. The company's anti-aging products feature the new ageLOC suite of products including the ageLOC R2 nutritional supplement, ageLOC Galvanic Spa System and Galvanic Body Spa™, as well as the ageLOC Transformation daily skin care system. A global direct selling company, Nu Skin operates in 52 markets worldwide and has more than 825,000 independent distributors. Nu Skin is traded on the New York Stock Exchange under the symbol "NUS." More information is available at http://www.nuskin.com.
Please note: This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that represent the company's current expectations and beliefs regarding the company's intent to acquire LifeGen Technologies, LLC; potential acquisition timing, terms and conditions; the impact of the acquisition on the company's financial results and product development efforts; the potential of ongoing research; and the company's plans and strategies. These forward-looking statements and related assumptions are based on current information and expectations regarding the potential acquisition, and are subject to risks and uncertainties, including the risk that either party may decide not to pursue the acquisition as planned; the risk that the potential acquisition may cost more and take longer to complete than anticipated; risk that the potential acquisition will not positively impact the company's financial results as currently anticipated; and risks related to the company's ability to effectively integrate and utilize LifeGen Technologies, LLC and its founders in the company's future research and development efforts. These forward-looking statements are further qualified by the risks discussed in company filings with the U.S. Securities and Exchange Commission, which risks could cause actual results and outcomes to differ materially from expected results and any forward-looking statements or views expressed herein. The company undertakes no obligation to publicly update any forward-looking statement contained in this press release, whether as a result of new information, future developments or otherwise, except as may be required by law.
|SOURCE Nu Skin Enterprises, Inc.|
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