Inotiv, Inc. Announces Expansion of Non-Human Primate Facilities and Services with Acquisition of Orient BioResource Center, Inc.
January 27 2022 - 12:00PM
Inotiv, Inc. (NASDAQ: NOTV) (the “Company”, “We”, “Our” or
“Inotiv”), a leading contract research organization
specializing in nonclinical and analytical drug discovery and
development services and research models and related products and
services, today announced that the Company has completed the
purchase of Orient BioResource Center, Inc. (“OBRC”), from Orient
Bio, Inc., a preclinical contract research organization and animal
model supplier based in Seongnam, South Korea. Orient BioResource
Center is a primate quarantine and holding facility located near
Alice, Texas.
“Inotiv acquired our primate facility in Alice,
Texas, in November of 2021, and that facility has been a leader in
primate welfare and supply for decades,” said Jim Harkness,
Inotiv’s Chief Operating Officer for Research Models and Services
(“RMS”). “Our clients have consistently asked us to build the scale
and services necessary to meet their needs. We believe the
acquisition of OBRC’s Alice, Texas, facility, and its proximity to
our existing facility, will accelerate growth, provide scale, and
ensure that client needs are met with the highest level of animal
welfare.”
Robert Leasure, Jr., Inotiv’s President and
Chief Executive Officer added, “The combination of OBRC with
Inotiv’s existing facilities will provide increased access to
critical research models and expanded facilities necessary for the
development of safe and effective medicines. We continue to listen
and respond to our clients’ requests and expect to invest and
leverage the facilities and personnel at OBRC to ensure that the
highest level of service, animal welfare, and enhanced supply chain
logistics are provided to our clients.”
Transaction consideration totaled $51.3 million,
consisting of $28.3 million in cash, which includes an adjustment
for net working capital and cash balances as provided in the merger
agreement, and 677,339 Inotiv common shares having a value of $23.0
million based on the volume weighted average closing price of
Company shares as reported by NASDAQ for the twenty trading-day
period ending on January 24, 2022. OBRC’s Alice, Texas, operations
span 500 acres and consist of primate holding, veterinary care,
diagnostic and maintenance facilities, and earned revenue of $23
million1 in fiscal year 2021.
About Inotiv
Inotiv, Inc. is a leading contract research
organization dedicated to providing nonclinical and analytical drug
discovery and development services and research models and related
products and services. The Company’s products and services focus on
bringing new drugs and medical devices through the discovery and
preclinical phases of development, all while increasing efficiency,
improving data, and reducing the cost of taking new drugs to
market. Inotiv is committed to supporting discovery and development
objectives as well as helping researchers realize the full
potential of their critical R&D projects, all while working
together to build a healthier and safer world. Further information
about Inotiv can be found here: https://www.inotivco.com/.
This release may contain forward-looking
statements that are subject to risks and uncertainties including,
but not limited to, risks and uncertainties related to changes in
the market and demand for our products and services, the
development, marketing and sales of products and services, changes
in technology, industry and regulatory standards, the timing of
acquisitions and the successful closing, integration and business
and financial impact thereof, the impact of the COVID-19 pandemic
on the economy, demand for our services and products and our
operations, including the measures taken by governmental
authorities to address the pandemic, which may precipitate or
exacerbate other risks and/or uncertainties, expansion and related
efforts, and various other market and operating risks, including
those detailed in the Company's filings with the U.S. Securities
and Exchange Commission.
Company Contact |
Investor Relations |
Inotiv, Inc. |
The Equity Group Inc. |
Beth A. Taylor, Chief Financial Officer |
Kalle Ahl, CFA |
(765) 497-8381 |
(212) 836-9614 |
btaylor@inotivco.com |
kahl@equityny.com |
|
|
|
Devin Sullivan |
|
(212) 836-9608 |
|
dsullivan@equityny.com |
____________________1 Financials were prepared
in accordance with Korean International Financial Reporting
Standards.
Inotiv (NASDAQ:NOTV)
Historical Stock Chart
From Mar 2024 to Apr 2024
Inotiv (NASDAQ:NOTV)
Historical Stock Chart
From Apr 2023 to Apr 2024