OLAPLEX acquires Boston biotech company Purvala Bioscience

Olaplex Holdings Inc. (NASDAQ: OLPX) announced the acquisition of Purvala Bioscience, a Boston-based biotechnology company, marking the haircare company's first acquisition since its launch in 2014.

Purvala Bioscience was founded in 2020 by Drs. Bradley Olsen, Justin Paloni, and colleagues to develop bioinspired technologies for health and beauty applications. The company focuses on creating molecules inspired by naturally occurring biological structures. Dr. Olsen serves as a Professor of Chemical Engineering at MIT in addition to his role at Purvala.

"Since the very beginning, OLAPLEX was founded on the concept of innovation with groundbreaking bond technology that empowered stylists and their clients to achieve transformative results," said OLAPLEX CEO Amanda Baldwin. "We believe that with Purvala we have the potential to create the next generation of disruptive science-backed product innovation alongside our patent-protected bond-building technology, Bis-amino."

OLAPLEX operates as a hair care company that sells products through professional, specialty retail, and direct-to-consumer channels. The company's products are based on what it calls Complete Bond Technology, which the company states works by protecting, strengthening and relinking bonds during and after hair services.

The press release did not disclose financial terms of the acquisition or specify how Purvala's technologies will be integrated into OLAPLEX's existing product portfolio.

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