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Pharmavite Buys Bonafide Health

Pharmavite, a West Hills vitamin and supplement company, has acquired Bonafide Health, a women’s health products company based in Harrison, New York, for $425 million.

Pharmavite, founded in 1971, is best known for its NatureMade brand of vitamins, along with its MegaFoods nutrition product line. It’s a subisidary of Tokyo-based pharmaceutical and nutraceutical firm Otsuka Holding Co., which acquired the company in 1989. Otsuka Holding reported $13 billion in revenue in 2022.

Bonfide Health was founded in 2017 to provide women with safe and effective options for relief during menopause. The company has a portfolio of drug- and hormone-free products to treat menopause symptoms and other women’s health issues associated with aging, such as vaginal dryness.

Through its acquisition of Bonafide Health, which was announced on Nov. 30, Pharmavite is expanding and complementing its existing women’s health product lines.

The company developed a product called Equelle to treat menopause and other symptoms related to estrogen decline. Pharmavite began selling Equelle in Japan in 2014 and in the United States five years later.

In 2021, Pharmavite acquired Uqora, a San Diego company that developed products to treat urinary tract infections.

Now comes the purchase of Bonafide.

“This (Bonafide) acquisition positions us as the nation’s leading women’s health nutraceutical company, signaling a new era of innovation and science-based solutions in this underserved space,” said Jeff Boutelle, Pharmavite’s chief executive. “Bonafide’s unwavering commitment to research, development, and robust scientific evidence mirrors Pharmavite’s rigorous standards, while its deep relationship with health care professionals aligns with our goal of ensuring nutrition education is at the forefront of the industry.”

As for Bonafide Health, its chief executive and co-founder, Michael Satow, said the company had been searching for a partner for a while.

“We’ve been looking for the right partner to grow the business and reach more women that need support,” Satow said.

“Pharmavite deeply understands the importance of the model we’ve built, from the rigorous scientific data that underpins our products to the power of the work we do with the doctors and other health care providers who are having conversations with women across the country looking for better solutions,” Satow added.

Besides the purchase price of $425 million, no other financial terms of the transaction were disclosed.

According to Pharmavite’s announcement, Bonafide will continue to operate out of its current headquarters. Pharmavite also indicated it does not plan any workforce reductions as a result of the acquisition. According to the website Pitchbook, Bonafide Health has about 80 employees.

Pharmavite currently employs about 1,750 and was already planning to add another 225 to that total when it opens a $200 million, 225,000-square-foot factory in New Albany, Ohio – a suburb of Columbus – toward the end of this year. Pharmavite’s last manufacturing expansion took place in 2013 with a facility in Opelika, Alabama, which has since grown to full capacity.

Pharmavite was advised on the Bonafide Health acquisition by Century City-based Houlihan Lokey Inc. Bonafide Health was advised by New York-based William Hood & Co. and San Francisco-based Evolution Life Science Partners.

James Brock
James Brock
James Brock has worked in newsrooms around the world, including in New York, Paris, Abu Dhabi, Dubai, Houston, and Los Angeles. He began his career with a Newhouse News daily, where he served on the news desk and the editorial page. He was the copy chief for The New York Sun, and founded and edited the personal finance section for Abu Dhabi-based The National, among other positions. He has interviewed Anthony Bourdain, Tom Ford, Mark Cuban, and many other individuals, and has written and edited thousands of stories and articles.

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