IRVINE, Calif., July 28, 2014 /PRNewswire/ -- ALPHAEON Corporation®, a leader in lifestyle healthcare and subsidiary of Strathspey Crown Holdings LLC, announced today that it has acquired Physician Recommended Nutriceuticals (PRN)®, a leading developer of specialty omega-3s, and related products for dry eye and macular degeneration, based in Plymouth Meeting, PA, in a transaction worth up to $55M.
"ALPHAEON's acquisition of PRN brings together world renowned ophthalmologists and a premier physician recommended line of nutriceutical products that benefit patients," said CEO Robert E. Grant. "Over the past 5 years, PRN has established a strong leadership position in the rapidly growing field of evidence-based physician recommended and dispensed nutriceuticals, achieving consistently high double-digit growth over several years. We are very pleased to partner with such a quality organization and leadership team and look forward to maintaining their stand-alone operation just outside of Philadelphia, Pennsylvania. This acquisition brings significant customer synergies to both organizations and is ideally aligned to ALPHAEON's mission to provide best-in-class wellness related products to patients."
PRN's dry eye patent pending formula has the highest bioavailable concentration per serving of purified omega-3 fatty acids and the optimal ratio of 3:1 EPA/DHA. Dry Eye Omega Benefits® has been clinically proven to address the inflammation leading to dry eye and improve the recovery time from refractive and cataract surgery. In a dry eye clinical study, 82% of patients who consumed PRN's re-esterified triglyceride (rTG) omega-3 product for an eight-week period had a positive change in the composition of their meibum, a potential root cause of dry-eye syndrome.
PRN CEO Ken Krieg stated, "ALPHAEON's uniquely customer-centric business approach enables physicians to provide world-class products, addressing patient lifestyle and clinical needs. PRN products are created to offer condition-specific solutions while promoting overall patient wellness and are backed by human clinical efficacy studies. This acquisition is well timed to expand the reach of PRN's evidence-based nutriceuticals through ALPHAEON's platform of physician selected services and industry leading marketing campaigns."
Last year, more than 1,200 ophthalmologists in North America recommended PRN's dry eye products and over 100,000 patients have ordered and used PRN products. ALPHAEON will begin offering the omega-3 products to its approximately 1,000 physician customers, participating in ALPHAEON's customer affinity program, commencing on August 1, 2014.
About ALPHAEON Corporation
ALPHAEON Corporation is a lifestyle healthcare company committed to partnering with board-certified physicians to bring to market and develop highly innovative technologies and services that promote patient wellness, beauty and performance. Ensuring access to leading advancements in lifestyle healthcare, the company fosters deep relationships with leading specialty physicians so patients look their best, feel their best and know they are receiving the best in lifestyle healthcare. For more information, please visit www.alphaeon.com.
About Strathspey Crown
Strathspey Crown is a growth equity firm specializing in lifestyle healthcare. Strathspey Crown uniquely partners with board certified physician specialists to bring to market highly innovative technologies and services in the self-pay sector. The firm is founded in partnership with physician investors across three key medical specialties: plastic surgery, ophthalmology and dermatology. For more information visit www.strathspeycrown.com.
About Physician Recommended Nutriceuticals
PRN is a leading developer of condition-specific omega-3 products and nutritional supplements. Developed by doctors and recommended by world-renowned medical thought leaders, PRN's products are supported by medical evidence and offer exceptional quality and purity. Acknowledged on the Inc. 500|5000 list of fastest growing privately held companies for the third consecutive year, PRN has demonstrated three-year revenue growth of 375%.
Jenna Mons, Vice President of Marketing and Communications
David Krieg, Director of Communications
ALPHAEON® is a registered trademark of ALPHAEON
PRN® is a registered trademark of Physician Recommended Nutriceuticals
Omega Benefits® is a registered trademark of Physician Recommended Nutriceuticals
|SOURCE ALPHAEON Corporation|
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