PROVO, Utah, Oct. 27, 2011 -- Nu Skin Enterprises, Inc. is pleased to announce that it has executed a letter of intent to acquire LifeGen Technologies, LLC, a genomics company based in Madison, Wisconsin for $11,662,500. The letter of intent includes the acquisition of substantially all of the assets of LifeGen, including its tissue bank, proprietary gene expression database, patents and intellectual property related to gene research. In connection with the transaction, the company will also enter into consulting agreements with LifeGen co-founders, Richard Weindruch, Ph.D., and Tomas Prolla, Ph.D., and the two will continue to serve on the Nu Skin Anti-aging Scientific Advisory Board. "Our acquisition of LifeGen will further solidify the competitive advantage Nu Skin enjoys with our ageLOC anti-aging platform with exclusive access to LifeGen's breakthrough work on genetic sources of aging," said Chief Executive Officer, Truman Hunt. "The acquisition also makes financial sense as we will no longer incur royalty obligations on products developed with LifeGen's assistance. Overall, we believe that this acquisition of LifeGen will enhance our pipeline of next-generation anti-aging products for many years to come, allowing us to provide a steady stream of innovative anti-aging solutions aimed at helping people live younger, longer."
"LifeGen truly is a unique resource in the battle against aging," said Dr. Joseph Chang, Nu Skin's chief scientific officer. "Its extensive database of genetic tissue information related to the aging process and its proprietary algorithm provide the unique ability to identify aging-related genes. Few labs in the world can match this capability. We are delighted to welcome the LifeGen team to our own team of world-class scientists."
The company initiated its scientific collaboration with LifeGen in 2009. Since that time, LifeGen's proprietary genetic science has supported Nu Skin's 'super class' of anti-aging products, including the company's most recent introduction of the ageLOC R2 nutritional supplement. The acquisition will further enhance Nu Skin's position as a leader in the anti-aging industry by bringing LifeGen, a company based on more than 30 years of aging research, in house.
"We are pleased to see LifeGen joining the Nu Skin family and cementing our relationship with the company's research and development team as we continue to break new ground in understanding the relationship between gene activity and the nutritional control of the aging process," said Richard Weindruch, Ph.D., co-founder of LifeGen Technologies.
"Since 2009, we have had the pleasure of working closely with Nu Skin's research and development team. We have found significant synergies between our anti-aging expertise and Nu Skin's innovative product development process and extensive knowledge of natural ingredients," added Tomas Prolla, Ph.D., co-founder of LifeGen Technologies. "Working together, LifeGen and Nu Skin will continue to develop the world's largest database of gene expression changes associated with aging and nutritional interventions. We believe this unique resource will allow Nu Skin to continue to launch science-based products that effectively slow aging."
Pursuant to the terms of the letter of intent, the acquisition is subject to completion of a definitive purchase agreement, due diligence and other closing conditions. Assuming satisfactory due diligence, Nu Skin expects to close the acquisition prior to the end of the year.
