Venus Concept Announces Definitive Agreement to Sell Venus Hair Business for $20 Million
TORONTO, June 06, 2025 (GLOBE NEWSWIRE) -- Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global medical aesthetic technology leader, announced today it has entered into a definitive agreement to sell its Venus Hair business to MHG Co. Ltd (“Meta Healthcare Group”) in an all-cash transaction valued at $20 million, subject to a customary working capital adjustment. The net proceeds from the transaction, once completed, will enhance the Company’s balance sheet and financial condition and provide valuable capital to fund strategic growth initiatives.
“We are pleased to announce one outcome of our evaluation of strategic alternatives to maximize shareholder value,” said Rajiv De Silva, Chief Executive Officer of Venus Concept. “Meta Healthcare Group is the ideal acquirer of the Venus Hair business in terms of its capabilities in the aesthetic medical field, including its presence in the hair transplant market, as well as its strategic investments. Importantly, we believe this transaction strengthens Venus Concept by allowing us to focus on our global medical aesthetics business, which we expect will improve revenue growth, lower operating expenses, enhance the cash flow profile of the business and accelerate the path to long-term, sustainable profitability and growth. We are committed to ensuring a smooth transition for our employees, customers and other stakeholders, and we are confident Meta Healthcare Group will provide the strategic investment and resources needed to maximize the global addressable markets for the ARTAS and NeoGraft technologies.”
“We are excited to welcome the Venus Hair business to our diversified portfolio of private-brand products focused on medical devices, pharmaceuticals and cosmetics,” said Soohyun Kim, Chief Executive Officer of Meta Healthcare Group. “We believe the ARTAS and NeoGraft technologies represent differentiated solutions, addressing a large market serving patients in Asia, Europe and North America. The customer and brand loyalty for these technologies is impressive and we look forward to leveraging the strong relationships Venus has developed in support of their Hair business. Importantly, this acquisition not only aligns with our goal of expanding our hair loss-related business areas, such as hair loss care products and hair transplant surgical devices, but it will also enhance our R&D and manufacturing capabilities as well.”
Under the definitive agreement, Meta Healthcare Group will acquire Meta Robotics LLC, a newly formed subsidiary of Venus Concept, containing the Company’s portfolio of hair restoration and hair transplant technologies, related equipment, services and assets, including intellectual property relating to ARTAS and NeoGraft. Meta Healthcare Group will grant a perpetual, royalty-free, worldwide license to Venus Concept with respect to a subset of transferred patents. Additionally, Meta Healthcare Group will assume the Company’s manufacturing and research and development facility in San Jose, California, as well as the rights to manufacture NeoGraft.
The transaction is expected to close in the third quarter of 2025, subject to the satisfaction or waiver of certain closing conditions, including an internal reorganization of the Hair business within Meta Robotics LLC. Revenue from the sale of ARTAS and NeoGraft systems, procedure kits and warranty revenue totaled approximately $12.5 million in fiscal year 2024. Cash used in operations related to Venus Concept’s hair restoration and hair transplant businesses totaled approximately $6.7 million in fiscal year 2024 based on management estimates. The Company will file a Current Report on Form 8-K with the United States Securities and Exchange Commission containing additional information regarding the transaction.
The Company intends to continue its ongoing evaluation of strategic alternatives to maximize shareholder value.
Canaccord Genuity is serving as financial advisor and Dorsey & Whitney LLP is serving as legal counsel to Venus Concept on the transaction. Fredrikson & Byron P.A. is serving as U.S. legal counsel and Bae, Kim & Lee LLC is serving as Korea legal counsel to MHG Co., Ltd. on the transaction.
About Meta Healthcare Group
Meta Healthcare Group was established in February 2021 and is headquartered in Seoul, South Korea. As a leading MedTech company specializing in aesthetic medicine, MHG operates as a business holding company that develops and manages top-tier clinic brands across various aesthetic medical fields.
Meta Healthcare Group owns METAPHARM Co., Ltd, a company dedicated to the research, development, and manufacturing of medical devices, as well as Techlabs Co., Ltd, a medical marketing platform provider
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