Saturday 23 June 2018

Nutriband racks up second US acquisition

Stock picture
Stock picture

Irish businessman Gareth Sheridan's Nutriband Inc has acquired a US-based developer of drug addiction treatments in a deal valued at $1.9m.

Stock market listed Nutriband will buy 4P Therapeutics for $400,000 in cash and 250,000 shares of its own common stock.

4P Therapeutics will become the Pharmaceutical and Development arm of Nutriband with a specific focus on Transdermal and Topical Technologies, prescription drugs and clinical development, the company said.

Florida-based Nutriband listed on the stock market two years ago and specialises in transdermal (taken through the skin) technology - topical treatments most familiar to most people for use in nicotine patches.

In February the company appointed former Dragons' Den star and 'Sunday Independent' columnist, Sean Gallagher as company president.

Last year it acquired Ohio-based company Advanced Health Brands.

The 4P deal includes its Defent abuse deterrent patch technology, an opioid abuse treatment.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business