Inotiv, Inc. Shareholders Approve Acquisition of Envigo
Inotiv, Inc. (NASDAQ: NOTV) announced that its shareholders approved key matters at a special meeting, including an increase in authorized shares and the issuance of common shares for the acquisition of Envigo RMS Holding Corp. This merger will position Inotiv as a leading full-spectrum drug development solution. The acquisition is expected to finalize within one or two business days. Additionally, shareholders approved increasing shares for the equity incentive plan and authorizing common shares related to the Company’s convertible notes.
- Acquisition of Envigo expected to enhance Inotiv's position in drug development services.
- Shareholder approval for increasing authorized shares indicates strong support for strategic growth.
- Expected synergies from combining resources and expertise with Envigo.
- Potential dilution of shareholder value due to the issuance of new shares.
- Integration challenges associated with the merger may affect operational efficiency.
WEST LAFAYETTE, Ind., Nov. 04, 2021 (GLOBE NEWSWIRE) -- 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, today announced that, at a special meeting of shareholders (the “Special Meeting”) held today, Inotiv shareholders approved, among other matters, an increase in the Company's authorized shares and the issuance of Inotiv common shares to the stockholders and option holders of Envigo RMS Holding Corp. (“Envigo”) in connection with the acquisition of Envigo by merger of Envigo with a newly formed, wholly owned subsidiary of the Company. Approval of these matters by the Inotiv shareholders was a condition to the closing of the acquisition.
Robert Leasure, Jr., the Company's President and Chief Executive Officer, commented, “We look forward to completing the Envigo transaction, as approved by shareholders, which we believe will position the combined organization as the preeminent, full-spectrum discovery-to-approval solution for drug developers. We are excited about the benefits and value this transaction is expected to bring to our customers, employees and shareholders.”
At the Special Meeting, Inotiv's shareholders also approved proposals to increase the number of shares available for awards under the Company's equity incentive plan and to authorize the issuance of Common Shares issuable upon conversion of the Company’s
The acquisition of Envigo is expected to close in one or two business days, subject to satisfaction of closing conditions.
About the Company
Inotiv, Inc. is a leading contract research organization specializing in nonclinical and analytical drug discovery and development services. The Company focuses on developing innovative services supporting its clients’ discovery and development objectives for improved decision-making and accelerated goal attainment. The Company’s products focus on increasing efficiency, improving data, and reducing the cost of taking new drugs to market. Visit inotivco.com for more information about the Company.
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 |
FAQ
What was approved by Inotiv shareholders on November 4, 2021?
What is the expected impact of the Envigo acquisition on Inotiv?
When is the Envigo acquisition expected to close?
What additional proposals were approved at the special meeting?
What are the potential risks associated with the Envigo acquisition?
