Derma Sciences, Inc. (NasdaqCM:DSCI) acquired Medihoney Pty Ltd. from Comvita Limited (NZSE:CVT) for $18.3 million on January 11, 2017. Under the terms of the transaction, Derma Sciences acquired the MEDIHONEY brand and related intellectual property and goodwill and paid an upfront payment of $13.25 million in cash, with an additional $5 million potentially payable in the form of an earn-out upon achievement of future annual sales milestones. The purchase eliminates Derma Sciences’ obligation of royalty payments to Comvita on the sale of MEDIHONEY products. The settlement will be paid in January and the proceeds will be applied by Comvita Limited to debt reduction and for funding strategic initiatives and potential acquisitions currently under consideration. As a part of transaction, Comvita will also retain the use of the brand to develop its over-the-counter business. Derma Sciences, Inc. (NasdaqCM:DSCI) completed the acquisition of Medihoney Pty Ltd. from Comvita Limited (NZSE:CVT) on January 11, 2017.