Business
INVO Bioscience and NAYA Biosciences Announce Definitive Merger Agreement To Establish Expanded Publicly Traded Life Science Company
Post-merger, the combined company, operating under the name "NAYA Biosciences", will be dedicated to increasing patient access to life-transforming treatments
About this update from Invo Fertility, Inc.
[{"type":"text","content":"Post-merger, the combined company, operating under the name \"NAYA Biosciences\", will be dedicated to increasing patient access to life-transforming treatments in oncology, fertility, and regenerative medicineNAYA will seek to scale up profitable revenues in the fertility segment, enter into revenue-generating pharma partnerships for its therapeutic programs, and strategically develop and acquire synergistic technologies and companiesSARASOTA, Fla. and AVENTURA, Fla., Oct. 23, 2023 /PRNewswire/ -- INVO Bioscience, Inc. (Nasdaq: INVO) (\"INVO\"), a healthcare services company focused on expanding access to advanced fertility treatment worldwide, and NAYA Biosciences Inc. (\"NAYA\"), a company dedicated to increasing patient access to breakthrough treatments in oncology and regenerative medicine, today jointly announced that they have entered into a definitive merger agreement (the \"Merger\") for INVO to acquire NAYA Biosciences in an all-stock transaction. Under the terms of the agreement, NAYA Biosciences' shareholders will receive 7.3333 shares of INVO for each share of NAYA Biosciences at closing, for a total of approximately 18,150,000 shares of INVO. Following the closing of the Merger, the combined company is expected to operate under the name \"NAYA Biosciences\". Dr. Daniel Teper, currently Chairman & CEO of NAYA Biosciences, will be named Chairman & CEO of the combined company.\n\n \n \n \n \n \n \n\n \nAs described in greater detail below, the Merger - which remains subject to certain closing conditions including shareholder approval, an estimated $5 million or more (at NAYA's discretion) in interim private financing in INVO at a premium of INVO's market price at time of financing (\"Interim PIPE\"), and a private offering by the combined company at a target price of $5.00 - values INVO at $12,373,780 and NAYA at $90,750,000. Subject to the Interim PIPE, post-transaction and prior to the private offering, INVO and NAYA shareholders will own approximately 12% and 88%, respectively, of the combined company.\nFollowing the merger, NAYA Biosciences plans to operate as a NASDAQ-listed group of agile, disruptive, high-growth companies dedicated to increasing patient access to life-transforming treatments in oncology (\"NAYA Oncology\"), fertility (\"NAYA Fertility\"), and regenerative medicine (\"NAYA Regenerative Medicine\...