Alticor, a global company with an uncompromising commitment to innovative scientific research and development of quality products, and Metagenics, a premier manufacturer and distributor of science-based medical foods and nutraceuticals marketed to health care professionals, today announced that they have entered into a joint venture agreement.
Under the terms of the agreement, Alticor will obtain a substantial ownership interest in Metagenics, and the current Metagenics shareholders will continue to retain a significant interest in the Company. The agreement is subject to customary closing conditions, including approval by Metagenics shareholders and antitrust clearance. The closing is expected to take place later this summer. Detailed terms of the agreement were not disclosed.
“Today is an extraordinary day for Metagenics and its employees and customers around the world as we join forces with a partner that shares our commitment to science-based nutrition and wellness,” said Jeffrey J. Katke, Chairman and CEO of Metagenics. “Alticor is an $8 billion global company with an unwavering dedication to research and the development of best-in-class products. We are confident that this joint venture will give Metagenics new opportunities to expand and grow – allowing us to further enhance the innovative product offerings our trusted health care professionals have come to expect.”
Katke added, “Metagenics remains dedicated to its values. We believe this joint venture, by giving us access to financial resources to support our internal growth and our acquisition strategy, will help Metagenics realize its vision of reversing the chronic illness epidemic. Metagenics will continue to operate as a stand-alone company, delivering medical foods and nutraceuticals through health care professionals around the world.”
“Alticor and Metagenics share a philosophy for promoting good nutrition, healthy living and natural science,” said Jim Weaver, Vice President - Alticor Corporate Enterprises. “Each company boasts a deep commitment to science and nature with leading research and development teams dedicated to harnessing the power of plant-based, natural, scientific research. This joint venture fits into our strategy to bring complementary brands into our family of businesses, and we are pleased to be partnering with Metagenics’ world-class employees and management team.”
Alticor and Metagenics each have a long history of dedication to health, wellness and the application of advanced science and technology.
Alticor, through its NUTRILITE™ brand, conducts innovative nutrition research and offers more than 200 products to address the individual nutritional and wellness needs of anyone at any life stage. Many of NUTRILITE’s products are manufactured using botanicals grown either on NUTRILITE-owned certified organic farms or on farms that adhere to sustainable farming principles to ensure the best products are delivered to individuals seeking to maintain a healthy lifestyle.
Metagenics’ investment in scientific research led to the development of its leading nutrigenomic research center. The center develops science-based medical foods and nutraceuticals for nutritional support of clinically tested therapeutic lifestyle-change programs. Therapeutic lifestyle change programs are emerging as the preferred method for the treatment and prevention of chronic illnesses.
In forming the joint venture, Bryan Cave provided legal counsel for Alticor and Crowe Horwath served as financial advisors. Canaccord Adams acted as exclusive financial adviser to Metagenics, and McDermott Will & Emery provided legal counsel.
Alticor (www.alticor.com) is the parent company of Amway Corp., Amway Global/Quixtar, Access Business Group LLC and Alticor Corporate Enterprises. Headquartered in Ada, Michigan, USA, Alticor and its affiliates offer products, business opportunities, and product development, manufacturing and logistic services in more than 80 countries and territories worldwide. In its most recent financial year, the company reported worldwide sales of more than $8.2 billion. For further information, please contact Alticor's media information line at 616-787-7565 or e-mail Alticor's media relations staff at [email protected].
Metagenics (www.metagenics.com) headquartered in San Clemente, CA, is a global life sciences company focused on reversing chronic illness and improving health. Founded in 1983, the company serves tens of thousands of health care professionals and more than a million patients throughout the world and holds more than 40 proprietary formula patents for use in nutraceuticals, medical foods, and pharmaceuticals. Today, Metagenics continues its leadership role through its world class sales force, by successfully merging the disciplines of nutritional genomics, functional medicine, and therapeutic lifestyle change programs to find solutions to society's most pressing health concerns.
Joseline L. Davison