Innovus Pharmaceuticals Inc. has acquired all assets of e-commerce storefront SupplementHunt.com in an all-cash transaction.
San Diego-based Innovus reached a deal with 2464573 Ontario Inc. to acquire the online business, which generated about $1.2 million in the past 12 months. Innovus expects the acquired assets will raise about $2 million in revenue during 2019.
Bassam Damaj, president and CEO of Innovus, said the acquisition will help the company diversify its marketing and sales channels. Innovus plans to acquire additional e-commerce stores and assets as well.
Innovus is a pharmaceutical company that engages in commercializing, licensing and developing nonprescription medicine and consumer care products in the U.S.