Innovus Pharmaceuticals got a dose of testosterone in its share price this week. The over-the-counter and consumer products for men’s and women’s health announced that it had recently acquired Beyond Human for a cash purchase price of $630,000.
The acquisition provided the company with natural testosterone booster supplements, including Beyond T Human® and Human Growth Agent HGA® that generated $2.2 million in revenue and $400,000 in profit last year.
The acquisition was a smart move as the testosterone replacement market is huge with roughly 5 million American men not producing enough. Plus as the population ages, the number of men with testosterone issues will only rise.
The global hormone replacement therapy market is expected to reach $28.4 billion in size by 2022, according to Grand View Research. The testosterone segment of this market is expected to grow at a 10% compound annual growth rate from $2.4 billion in 2013, to $3.8 billion by 2018.
Innovus Pharmaceuticals is competing with large multinational companies like AbbVie Inc. (NYSE: ABBV) and Eli Lilly & Co. (NYSE: LLY).