RIDGEFIELD, Conn. & LIBERTY, Mo., Sept. 4 /PRNewswire-FirstCall/ -- Planet Technologies, Inc. (Nasdaq: PLNT), a specialty pharmaceutical company whose current operations are focused on the marketing and sale of allergen avoidance products, and Antigen Laboratories, Inc. (Antigen), a privately-held FDA licensed manufacturer of allergenic extracts for immunotherapy, today announced that they entered into a definitive agreement under which Planet will acquire Antigen.
Under the agreement, Planet will acquire all of the outstanding equity of Antigen for $10 million, plus the payment of certain liabilities, contingent upon Planet procuring the required financing to complete the transaction.
"The acquisition of Antigen's allergenic extract immunotherapy business complements our existing allergen avoidance business. The Antigen transaction continues to deliver on our strategy to acquire and build specialty allergy businesses, focused on marketing to allergy-related physicians in the United States", said Ed Steube, Chief Executive Officer and President of Planet.
Planet's current, wholly owned operating subsidiary, Allergy Control Products, Inc. (ACP), is a leading supplier of physician-recommended allergen avoidance products to control indoor allergens. ACP markets its proprietary products, along with those of other suppliers, through physician office brochures, customer catalogs and its web site. ACP receives patient referrals from 4,000 physicians in the United States annually.
Antigen will operate as a wholly owned subsidiary of Planet. Physicians
use Antigen's allergenic extracts for immunotherapy, which historically
have been administered to patients in controlled doses by subcutaneous
|SOURCE Planet Technologies, Inc.|
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