Elevai Skincare Inc. Acquired by Bio-Aesthetics Company Carmell

Carmell Corporation, a bio-aesthetics company focused on skin and hair health, announced in a press release that it entered into a definitive purchase agreement with PMGC Holdings Inc. (formerly Elevai Labs Inc.) and its wholly owned subsidiary, Elevai Skincare Inc., to acquire the assets related to its skincare and haircare business.

“This acquisition will integrate one of the newest advances in stem cell derived exosome technology into the Carmell platform, further cementing our status as the home of the best bio-aesthetic skincare science, built by biology just as nature intended,” Carmell chairman Rajiv Shukla said in the press release.

The purchase consideration for the acquisition includes approximately $1.1 million in Carmell common stock at the closing of the acquisition; approximately $57,000 in cash upon the sale of specified inventory existing as of the closing; contingent earnout consideration consisting of 5% of net sales from Elevai’s existing products paid annually during the 5-year period following the closing and a one-time milestone payment of $500,000 if Elevai’s hair and scalp products achieve $500,000 in net revenue within 24 months following the closing; and Carmell’s assumption of contractual liabilities and trade payables of Elevai at the closing, according to the press release.