[ad_1]
WEST LAFAYETTE, Ind. (Inside INdiana Business) – West Lafayette-based Inotiv Inc. (Nasdaq: NOTV) has announced its intention to acquire Indianapolis-headquartered Envigo RMS Holding Corp. in a cash and shares of $ 545 million. The contract research organization says the agreement will provide a location for drug developers to access products and services for all discovery and non-clinical development.
Inotiv CEO Robert Leasure said the evolving complexity in the disease research space is creating additional demand for research models. He adds that continued innovation in the biopharmaceutical industry is increasing the demand for specialized and disease-specific models.
“The complementary nature of Inotiv and Envigo is expected to accelerate the movement of innovative drugs and medical devices throughout the phases of discovery and preclinical development,” Leasure said in a press release. “Backed by deep in-house expertise and scientific capabilities, we are building a full-service provider of contracted pharmaceutical research solutions with a full suite of discovery and non-clinical services and research models in one-stop, discovery-to-solution. approval for drug developers.
Inotiv said Leasure will remain chairman and chief executive officer of the combined company, with existing officers and staff retained.
The deal still requires regulatory and shareholder approval and is expected to be finalized in the fourth quarter. Once the acquisition is complete, Inotiv says the combined company will have an enterprise value of around $ 1.2 billion.
[ad_2]
Source link