Markwins International Corporation, a Californian-based company specializing in colour cosmetics, cosmetic accessories and beauty collections, has entered into a definitive merger agreement to acquire Physicians Formula for approximately 75 million US dollars.

Physicians Formula simultaneously announced that, prior to entering into the merger agreement with Markwins, the company terminated its previously announced merger agreement with affiliates of Swander Pace Capital. Physicians Formula will consequently pay a termination fee of 1,285 million dollars to the investment fund.