ChromaDex, a provider of science-based solutions and ingredients, has entered into a letter of intent (LOI) to sell its BluScience consumer product line to NeutriSci International.
The BluScience line currently features products such as EternalBlu - which supports cellular health; HeartBlu - helps maintain healthy cholesterol levels; MemoryBlu - supports concentration and memory; TrimBlu - helps control appetite; and Blu2Go - provides a sustained energy boost.
These products contain the company's patented and proprietary pTeroPure (pterostilbene). Pterostilbene is an antioxidant found in blueberries and other berries.
The nationwide launch of BluScience in retail outlets began in early 2012. According to the company, BluScience is available in more than 15,000 retail locations in the US.
Under the terms of the LOI, upon closing the total transaction is valued at approximately $6m and will consist of a combination of cash, senior secured debt and an ownership interest in NeutriSci.
ChromaDex will continue to generate revenue through a royalty on future net sales of BluScience products as well as a supply agreement with NeutriSci for its patented pTeroPure pterostilbene, which will continue to be the key active ingredient in the BluScience product line. ChromaDex will retain all rights and ownership to its pTeroPure pterostilbene.
NeutriSci president and CEO Keith Bushfield said that BluScience offers a clinically proven product line backed by strong scientific research and development.
"The consumer can be confident in both the efficacy and safety of this amazing natural line of health and wellness products. In addition to the North American market, I am excited to introduce BluScience globally starting with our vast network in Southeast Asia," Bushfield added.
The transaction is expected to be completed before 31 March 2013.
NeutriSci International, based in Alberta, Canada, is involved in the production and formulation of science-based and clinically proven nutraceutical products.
