THG Buys Skincare Brand Biossance for Maximum $20m (1)

(Updates share price movement and adds analyst commentary)

THG falls as much as 2.9% after announcing it is acquiring Biossance from US biotechnology group Amyris Inc., which recently commenced voluntary Chapter 11 proceedings, according to statement.

• Follows Nov. 30 auction that declared THG as the successful bidder for assets including IP, plus inventory and debtors with a book value of $29m
• Closing is expected to follow in mid-December, with integration completing in 1Q 2024
• Biossance has generated global revenue of ~$300m and is currently stocked in more than 1,600 stores globally, including Sephora, Harrods, Space NK, Douglas and Selfridges ...