Olaplex Holdings, Inc. (NASDAQ: OLPX) has made a significant move by acquiring Purvala Bioscience, a biotech company based in Boston. This marks Olaplex's first acquisition in its over ten years of operation, signaling its commitment to product innovation.
Purvala, founded by Dr. Bradley Olsen, focuses on developing transformative bioinspired technologies with applications in the health and beauty industries. Since its launch in 2020, Purvala has concentrated on creating high-performing molecules inspired by naturally occurring biological structures. Dr. Olsen, in addition to leading Purvala, serves as a professor of chemical engineering at MIT.
Amanda Baldwin, CEO of Olaplex, emphasized the company's foundation on innovation and groundbreaking technology, designed to empower stylists and their clients to achieve transformative results. She expressed the company's commitment to delivering the best possible products for its stylist community and consumers, citing the meaningful impact Olaplex has already made on the industry. With the acquisition of Purvala, Olaplex aims to create the next generation of disruptive, science-backed product innovation alongside its patent-protected bond-building technology, bis-amino.
This acquisition underscores Olaplex's dedication to advancing its product offerings through strategic partnerships and integration of cutting-edge biotech solutions into its existing portfolio. It also demonstrates the company's proactive approach to staying ahead in the competitive health and beauty industry. Following these announcements, the company's shares moved 10.0%, and are now trading at a price of $1.54. For the full picture, make sure to review OLAPLEX HOLDINGS, INC.'s 8-K report.
