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Inotiv, Inc. Completes Purchase of Envigo
Creates a Full-Spectrum Discovery-to-Approval Solution for Drug Developers WEST LAFAYETTE, Ind. and INDIANAPOLIS, Nov. 05, 2021 (GLOBE NEWSWIRE) -- Inotiv,
About this update from Inotiv, Inc.
[{"type":"text","content":"Creates a Full-Spectrum Discovery-to-Approval Solution for Drug Developers\nWEST LAFAYETTE, Ind. and INDIANAPOLIS, Nov. 05, 2021 (GLOBE NEWSWIRE) -- Inotiv, Inc. (NASDAQ:NOTV) (or “Inotiv”), a leading contract research organization (CRO) specializing in nonclinical and analytical drug discovery and development services and products, today announced it has completed the acquisition of Envigo RMS Holding Corp. (or “Envigo”), a leading global provider of research models and services. This agreement aligns with the strategic objectives of both companies and will further improve the ability to bring new drugs and medical devices through the discovery and preclinical phases of development. The aggregate consideration paid to the holders of outstanding capital stock in Envigo in the merger consisted of cash consideration of $271.0 million, including adjustments for net working capital and cash balances as provided in the merger agreement of approximately $13.0 million and $48.0 million, respectively, and 9,036,538 Inotiv common shares. The common shares included in the merger consideration include 790,620 shares issuable upon the exercise of certain Envigo stock options that were assumed by the Company in the transaction. “The combination of Inotiv and Envigo allows drug developers to work with one organization for the entirety of discovery and nonclinical development, while getting the same highly personalized service that characterizes both companies. The combined company has excellent growth opportunities, and we plan to continue to make investments for organic growth while selectively pursuing strategic acquisitions,” said Inotiv President and CEO Robert Leasure, Jr. “Envigo has a long history and deep experience with supply of critical research models, which will be integrated with Inotiv’s range of nonclinical and analytical services. This provides clients with a unique, full-spectrum discovery-to-approval solution to meet the increasing growth and innovation in biopharma and demand for specialty and disease-specific models.” With Inotiv and Envigo combined, drug developers and researchers will receive: Deep expertise and expanded access to scientists across the discovery and preclinical continuum, reducing nonclinical lead times and providing enhanced project deliveryAccess to a wide range of high-quality small and large researc...