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Online Hormone Therapy Provider Signs LOI to Acquire Ketamine Wellness Centers
Peter/PetraMD, an online provider of hormone therapy for men and women in the US, announced on Monday that it has signed a letter of intent to purchase Delic Holdings Corp.’s recently shuttered Ketamine Wellness Centers (KWC), the large-scale ketamine infusion therapy provider.
PetraMD will pay $1.15 million in portions over a 12-month period and assume KWC’s existing debt. The deal is subject to successful negotiations and a $100,000 nonrefundable deposit.
Having more than 20 years of experience and nearly 100,000 patients served across the US, KWC increased the number of treatments it provided by tenfold within a 4-year period, and the company delivered more than 12,000 infusions in 2022. However, KWC, which was acquired by Delic Holdings in 2021, began to struggle financially in late 2022, according to media reports. KWC closed its treatment centers in late February.
Peter/PetraMD said in a news release on Monday that it intends to maintain continuity of care for KWC patients while also seeking to expand. The deal for KWC facilities marks Peter/PetraMD’s entry into the ketamine space.
“We understand telemedicine, and we understand what it is our patients want—they want to feel better, they want to get better, and they want to live better lives,” Peter/PetraMD Chief Growth Officer Cutter Streeby said in a statement. “This acquisition would definitely further our mission to provide affordable and equitable access to healthcare across the nation.”
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