Inotiv Scoops Up Envigo For $200M To Enhance Research, Drug Discovery Solutions
Benzinga
Sep. 21, 2021, 03:41 PM
- Inotiv Inc (NASDAQ:NOTV), a contract research organization, has agreed to acquire Envigo RMS Holding Corp in a cash and stock transaction. Envigo is a provider of research models and services.
- Transaction consideration consists of $200 million of cash and 9.4 million Inotiv shares. The transaction values Envigo at an enterprise value of approximately $545 million and the combined company at roughly $1.2 billion.
- Inotiv shareholders will own approximately 64% upon closing the transaction, and Envigo shareholders will have 36% of the combined entity.
- The merger will create a full-spectrum provider of drug discovery and non-clinical development services along with a research model products platform.
- The deal will expand the combined customer base to around 3,000 customers.
- Enhance scale with unaudited pro forma combined revenue of $286 million during the nine months ended June 30, 2021
- Price Action: NOTV stock is up 27.5% at $46.92 during the market session on the last check Tuesday.
