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Subsequent Event
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Event

 

On August 31, 2022, the Company entered into an Agreement and Plan of Merger pursuant to which the Company agreed to acquire all of the issued and outstanding shares of capital stock of Hero Cosmetics, Inc., the developer of the Hero Mighty Patch® brand and other acne treatment products (the “Hero Acquisition”). The total consideration related to the Hero Acquisition, which is subject to adjustment, consists of a purchase price of approximately $565.0 million of cash (of which $8.0 million will be held back for five years to satisfy certain indemnification obligations) and approximately $65.0 million of restricted shares of the Company's common stock which will be recognized as compensation expense as the stock is subject to vesting requirements for individuals who will continue to be employed by the Company. The Hero Acquisition closed on October 13, 2022 and was financed with cash on hand and commercial paper borrowings. The Company is in the process of completing the initial purchase price allocation for the acquisition which will primarily consist of acquired intangibles. As such, required disclosures will be presented in future periods.