Aditxt has entered into a definitive agreement to acquire Evofem Biosciences, known for its FDA-approved hormone-free contraceptive gel, Phexxi. The acquisition, valued at around $100 million, combines stock issuance and debt assumption.
Evofem’s flagship product, Phexxi, offers a non-daily, hormone-free contraceptive choice, aligning with the trend towards personalized women’s healthcare. Despite financial challenges, reflected in a significant share price decline, Evofem reported $13.4 million in sales for Phexxi in the first nine months of 2023.
Richmond-based Aditxt, specializing in health innovations, plans to leverage Evofem’s product to tap into the extensive demand for innovative contraceptive solutions. The acquisition is a strategic step in expanding Aditxt’s portfolio into women’s health, with Evofem set to operate as a subsidiary post-acquisition.
Amro Albanna, Co-Founder, ´Chairman &CEO of Aditxt, commented: “At Aditxt, our mission is to make promising innovations possible together. Evofem represents precisely the kind of groundbreaking innovation that aligns with our mission. Aditxt will provide Evofem with a global platform to amplify their transformative innovation in women’s health. As we move forward, we aim to empower our shareholders to participate in this journey through their votes. This approach ensures that our stakeholders are integral in advancing these vital health innovations on the Aditxt platform, truly socializing how health innovations advance and impact lives worldwide.”
“We are excited about the opportunity to accelerate our growth trajectory, as a subsidiary of Aditxt, into a multi-product women’s health franchise,” added Evofem’s CEO, Saundra Pelletier. “We believe this Transaction is in the best interests of our shareholders and are confident that they and the women we serve will benefit from our expanded offering and stronger voice.”
The transaction, approved by both companies’ boards, involves Aditxt assuming Evofem’s senior secured debt, with structured payments to Evofem’s debtholders and stock exchanges for Evofem’s shareholders. The deal is subject to shareholder approval and other standard conditions, with a closure anticipated in the first half of 2024.
