Imprimis Pharmaceuticals Inc. has agreed to buy Pharmacy Creations LLC for a base price of $600,000. The agreement includes conditions that could trigger additional payments of cash and stock, according to filings with the U.S. Securities and Exchange Commission.
Imprimis (Nasdaq: IMMY), a San Diego-based pharmaceutical company, will be acquiring Pharmacy Creations from its co-founders, Scott Karolchyk and Bernard Covalesky.
Imprimis Pharmaceuticals has agreed to invest $1 million into the new company.
This acquisition will represent a stepping stone for Imprimis as it builds its national footprint, said Mark Baum, CEO of Imprimis.
Baum said this transaction will bring new and exciting intellectual property assets to the company.
This agreement comes five months after Imprimis purchased intellectual property from two other New Jersey based companies.