Biote to acquire Asteria Health for $8.5M

Biote announced a definitive agreement to acquire F.H. Investments, Inc., d/b/a Asteria Health, a privately held 503B manufacturer of compounded bioidentical hormones. The company operates an FDA-registered 503B outsourcing facility in Birmingham, Alabama and currently supports Biote-certified practitioners and Biote-partnered clinics in numerous U.S. states. Terry Weber, Biote Chief Executive Officer, commented, “We are pleased to announce an agreement to acquire Asteria Health, and we welcome their talented and dedicated team to Biote. This strategic transaction expands and strengthens Biote’s capabilities by enabling the vertical integration of our manufacturing and providing direct control over our pharmacokinetic research efforts. As we insource manufacturing, we anticipate improvement to our margin profile. We also see a longer-term opportunity to leverage Asteria Health’s product development expertise to expand our offerings with therapeutic wellness products for Biote-certified practitioners.” Under the terms of the acquisition agreement, the purchase price is $8.5M, subject to customary adjustments. Asteria Health shareholders are eligible to receive up to an additional $500,000 if certain production metrics are achieved by April 1, 2024. Biote will fund the transaction with cash from its balance sheet. The acquisition is subject to customary closing conditions, with closing anticipated to occur in the first quarter of 2024.