PALO ALTO, Calif. — The Paws Pet Co. is buying an Irvine, Calif.-based compounding pharmacy as it seeks to transition from a pet company into a pharmaceutical company, Paws said.
Paws said it has agreed to acquire Mesa Pharmacy, which makes custom compounded, non-narcotic, transdermal topical pain medications marketed to industrial health physicians and clinics. Financial terms of the deal were not disclosed, but Mesa's sales are expected to be more than $25 million in 2014, Paws said. This month, it has received more than $3.4 million in orders and filled more than $1.5 million in prescriptions.
As part of the transition, Paws plans to change its name to Praxsyn Corp.
"We are excited about these developments, for our company and our shareholders, and we believe with Mesa's great team, a great foundation for future growth is set," Paws Pet Co. CEO Dan Wiesel said. "With the execution of this agreement, the way forward for Paws is clear, and we will now focus on completing the licensing process, domesticating the company in Nevada and changing our name to Praxsyn Corp."