Evofem, the startup trying to survive the broken birth-control market, finally sells itself

(Credit: Courtesy of Evofem and Aditxt)

Evofem Biosciences, the buzzy but controversial women’s health startup that spent the past year trying to stay afloat, has finally found a buyer.

The San Diego company, which makes the contraceptive gel Phexxi, has agreed to sell itself to biotech firm Aditxt, the companies announced Tuesday. Aditxt will assume some of Evofem’s substantial debt in a deal worth approximately $100 million.