THG PLC (LSE:THG) said it was "incredibly fortunate" to have snapped up skincare brand Biossance for up to US$20 million after its owner, US biotech Amyris, entered bankruptcy proceedings.
Biossance is currently stocked in stores including Harrods, Space NK, Selfridges and Sephora.
It is also sold on THG's own Lookfantastic and Cult Beauty online outlets, where it is said to have generated around US$2 million in revenue over the past 12 months.
THG's Beauty division, which also owns brands including Ameliorate, Christophe Robin, ESPA, Eyeko, Grow Gorgeous, Illamasqua, Mio and Perricone MD, has added a "pre-eminent skincare brand" with a "technology-led, clean chemistry formulations [that] resonate with consumers globally", said group chief executive Matthew Moulding.
THG made the acquisition via an auction process for its assets including IP, plus inventory and debtors, which carried a total book value of US$29 million.
"We're incredibly fortunate and excited to secure this opportunity," said Moulding, who added that the "fit within THG is perfect".
Amyris, a specialist in sustainable and synthetic biological compounds, filed for Chapter 11 protection in August, with assets of US$679.68 million as of 31 March and US$1.33 billon of total debts.
Biossance was one of several brands it owned.
THG shares rose almost 1% to 78.84p in early trading in London.