Over the counter respiratory health product specialist Innovus Pharmaceuticals, (OTC:INNV), has agreed to buy all assets from Texas-based Beyond Human LLC for US$630,000.
Innovus said, following the new all-cash deal, it expects its annual revenue to triple to close to US$4.0mln and will help it become cash flow positive in the near future.
Dr Bassam Damaj, chief executive of Innovus Pharma, said the deal was a “transformative acquisition,” adding that “with this acquisition, we will have a total of 14 products now in the fields of men and women health and we believe that Innovus Pharma will become a strong player in this category.”
Beyond Human’s most well-known products include the natural testosterone booster supplement Beyond T Human and its natural Human Growth Agent HGA.
Its sales, which are concentrated in the US, have been growing at almost 50% per year for the last two years, and in 2015, the firm had over US$2.2mln in gross revenues and net profit of US$400,000.
According to market experts, the US testosterone replacement market grew from US$1.6bn in 2011 to US$2.4bn in 2013 and is expected to hit US$3.8 billion in 2018.