{"id":475820,"date":"2021-04-13T16:38:11","date_gmt":"2021-04-13T20:38:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/inotiv-inc-enhances-histopathology-offering-with-announcement-of-agreement-to-purchase-histotox-labs-inc\/"},"modified":"2021-04-13T16:38:11","modified_gmt":"2021-04-13T20:38:11","slug":"inotiv-inc-enhances-histopathology-offering-with-announcement-of-agreement-to-purchase-histotox-labs-inc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/inotiv-inc-enhances-histopathology-offering-with-announcement-of-agreement-to-purchase-histotox-labs-inc\/","title":{"rendered":"Inotiv, Inc. Enhances Histopathology Offering with Announcement of Agreement to Purchase HistoTox Labs, Inc."},"content":{"rendered":"
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WEST LAFAYETTE, Ind., April 13, 2021 (GLOBE NEWSWIRE) — Inotiv, Inc. (NASDAQ:NOTV) (the \u201cCompany\u201d, \u201cWe\u201d, \u201cOur\u201d or \u201cInotiv\u201d)<\/strong>, a leading provider of nonclinical and analytical contract research services, today announced that the Company has entered into an agreement to purchase substantially all of the assets of HistoTox Labs, Inc. (\u201cHistoTox Labs\u201d), a full-service histopathology contract research organization\u00a0(\u201cCRO\u201d) offering medically relevant non-clinical and clinical services to the\u00a0pharmaceutical, biotech, and academic communities.<\/p>\n

\u201cHistoTox Labs\u2019 well-trained scientific staff, with strong expertise in cell-typing, biodistribution, gene therapy and novel biomarker assay development, is a solid and strategic complement to Inotiv\u2019s pathology team and our suite of services,\u201d said Robert Leasure, Jr., Inotiv\u2019s President and Chief Executive Officer. \u201cMore than two-thirds of HistoTox\u2019s client base consists of emerging biopharma companies focused on cell and gene therapy, dovetailing well with our growth strategy.\u201d<\/p>\n

Mr. Leasure continued, \u201cOver the past three years, HistoTox Labs has grown revenue organically at a compounded annual growth rate in excess of 30%. We believe that we have identified excellent cross-selling opportunities and expect to leverage their newly renovated facility in Boulder, CO, which we estimate has the capacity to accommodate an increase in HistoTox Labs\u2019 revenue from 2020 levels. This acquisition positions us for further growth and enables us to better serve our clients and help them achieve their research and development goals.\u201d<\/p>\n

In addition to the routine histology and pathology capability at HistoTox Labs, the immunohistochemistry and digital pathology capability is cutting edge, featuring a vast library of optimized antibodies and topflight technology such as AT2 (Aperio) high-throughput slide scanners, a Vectra Polaris Immunofluorescent slide scanner\u00a0and the Visiopharm\u00a0software solutions platform including AI capabilities for their image analysis needs.<\/p>\n

\u201cSince 2003, HistoTox Labs has been building an exceptional team while fostering a culture dedicated to scientific expertise, outstanding customer service and excellence in both the quality and timeliness of data we deliver,\u201d added Jon Bishop, Chief Executive Officer of HistoTox Labs. \u201cI am very proud of what we have accomplished and I am confident that partnering with Inotiv will continue to bolster the HistoTox Labs team and create a meaningful impact on our clients\u2019 drug development success.\u201d<\/p>\n

\n Transaction Snapshot<\/strong>\n <\/p>\n\n\n\n\n\n
\n Transaction Consideration<\/strong><\/p>\n<\/td>\n\n
    \n
  • $22.0 million in cash<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n HistoTox Labs Financials<\/strong><\/p>\n<\/td>\n\n
    \n
  • 2020 revenue of $9.1 million<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Conditions<\/strong><\/p>\n<\/td>\n\n
    \n
  • Subject to financing and customary closing conditions<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Timing<\/strong><\/p>\n<\/td>\n\n