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BioZone announces multi-million dollar asset sale, eyes acquisition targets

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Englewood Cliffs-based over-the-counter pharmaceuticals company BioZone announced Wednesday Denver-based MusclePharm has signed a definitive asset purchase agreement to acquire substantially all of the assets of BioZone and its subsidiaries. BioZone will receive 1.2 million shares of MusclePharm common stock.

According to the announcement, the deal includes BioZone's California manufacturing facility, as well as the BioZone name and the company's products. 600,000 shares will be placed into escrow for a period of 9 months to cover indemnification obligations. While in escrow, the 600,000 shares shall also be subject to repurchase by MusclePharm for $10 per share in cash.

In addition, BioZone Chief Executive Officer and CFO Elliot Maza said in a letter to shareholders today "the company is engaged in late stage negotiations [to acquire] a significant biotech company, partially owned by OPKO Health, Teva Pharmaceuticals and one of our largest shareholders Dr. Phillip Frost and The Frost Group."

The stock transfer in the MusclePharm agreement currently values the deal at more than $10 million, but that amount may change depending on stock price when the deal closes, which is expected by the end of 2013.

Write to the Editorial Department at editorial@njbiz.com

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