Beauty Direct gets Medsafe nod for Life Pharmacy acquisition

Beauty Direct plans to issue up to 593 million new shares at 6.5c each to buy a 49% stake in 18 of the 21 pharmacies which operate under the Life banner as well as the Life Pharmacy franchise brand and business.

Because of the ownership change, Beauty Direct was required to get new licenses for 17 of the pharmacies from Medsafe.

Completion of the transaction is imminent and upon settlement Beauty Direct will change its name to Life Pharmacy, Beauty Direct said.

Once the $38.5 million deal is completed Beauty Direct shareholders will own just 4.5% of the company, to be renamed Life Pharmacy.

Beauty Direct's online operations are run by 26% shareholder and director Gordon Ritson, who owns a Life Pharmacy franchise in Lower Hutt.

Beauty Direct shares were unchanged at 11c in early afternoon trade.

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