NovaBay Pharma to buy skincare company DERMAdoctor, shares up

Stablecoin Development

28/09/2021 16:08

** Shares of consumer products co  NBY.A  rise 7.7% to $0.69
    ** NBY says it would acquire privately-held skincare
products company DERMAdoctor LLC for purchase price of $15 mln
 urn:newsml:reuters.com:*:nBw4V76Z6a
    ** Co says acquisition has potential to double its top-line
revenue in 2022, expects higher sales and cost benefits from
deal to drive profitability
    ** Acquisition will significantly increase NBY's presence in
U.S. beauty market with addition of over 30 products currently
sold by DERMAdoctor - NovaBay CEO
    ** DERMAdoctor sells its products through major retailers
such as Macy's Inc  M.N  and Costco  COST.O , through digital
channels like Amazon  AMZN.O , as well as its own website - co
    ** Stock down 1.4% YTD, including session's gains

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))