{"id":477488,"date":"2021-04-16T08:36:07","date_gmt":"2021-04-16T12:36:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/inotiv-inc-announces-expansion-of-pharmacology-and-pathology-offerings-with-agreement-to-purchase-bolder-biopath-inc\/"},"modified":"2021-04-16T08:36:07","modified_gmt":"2021-04-16T12:36:07","slug":"inotiv-inc-announces-expansion-of-pharmacology-and-pathology-offerings-with-agreement-to-purchase-bolder-biopath-inc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/inotiv-inc-announces-expansion-of-pharmacology-and-pathology-offerings-with-agreement-to-purchase-bolder-biopath-inc\/","title":{"rendered":"Inotiv, Inc. Announces Expansion of Pharmacology and Pathology Offerings with Agreement to Purchase Bolder BioPATH, Inc."},"content":{"rendered":"
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WEST LAFAYETTE, Ind., April 16, 2021 (GLOBE NEWSWIRE) — Inotiv, Inc. (NASDAQ:NOTV) (the \u201cCompany\u201d, \u201cWe\u201d, \u201cOur\u201d or \u201cInotiv\u201d)<\/strong>, a leading provider of non-clinical and analytical contract research services, today announced that the Company has entered into an agreement and plan of merger with Bolder BioPATH, Inc. (\u201cBolder BioPATH\u201d), a contract pharmacology and pathology company specializing in in vivo<\/em> models\u00a0of\u00a0rheumatoid arthritis,\u00a0osteoarthritis, inflammatory bowel disease, diseases of the central nervous system and other autoimmune, inflammation, and pain models.<\/p>\n

\u201cBolder BioPATH adds depth to our existing pharmacology enterprise, allowing us to extend our market reach in early-stage drug discovery, and brings us significant new cross-selling opportunities,\u201d said Robert Leasure, Jr., Inotiv\u2019s President and Chief Executive Officer. \u201cWe will offer Bolder BioPATH\u2019s capabilities to our existing clients, while leveraging Inotiv\u2019s centers of excellence, particularly in drug metabolism and pharmacokinetics, to deliver new services to their clients, which predominantly consist of companies in the growing emerging biopharma sector. Prior to the onset of the pandemic in 2020, Bolder BioPATH increased revenue organically at a compounded annual growth rate in excess of 20% over a three-year period, and we believe the company will provide an exciting new growth pillar for Inotiv.\u201d<\/p>\n

Mr. Leasure continued, \u201cWith our current investments in pharmacology models, especially to support liver disease as well as cell and molecular therapeutics, this combination gives us the ability to support new therapeutic areas. We believe that Bolder BioPATH\u2019s\u00a0exemplary reputation, talented team, and facility are an excellent complement to our organization. We look forward to working with Alison Bendele, Phillip Bendele and the team to deliver an even more robust suite of services with a focus on exceptional client experience\u2014that\u2019s what our Inotiv brand is all about.\u201d<\/p>\n

Alison Bendele, founder and President of Bolder BioPATH, added, \u201cAt Bolder BioPATH, our mission has been to always deliver exceptional service and provide clients with the highest quality data to help them move quickly toward key decisions.\u201d Phillip Bendele, Chief Executive Officer, elaborated, \u201cIn 2020 we expanded our facility to over 24,000 square feet, providing capacity to allow us to increase the size of our business. By joining with Inotiv, we believe we can help accelerate the growth of our combined company with our expertise in various areas of nonclinical pharmacology, augment Inotiv\u2019s already broad range of scientific disciplines, and provide our combined customer base the knowledge, experience and focus they need to get to an investigational new drug filing.\u201d<\/p>\n

\n Transaction Snapshot<\/strong>\n <\/p>\n\n\n\n\n\n
\n Transaction Consideration<\/strong><\/p>\n<\/td>\n\n
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  • $47.0 million, consisting of (a) $18.5 million in cash, (b) a number of common shares of the Company obtained by dividing $27.0 million by the lessor of (i) the weighted average closing price of Company shares as reported by NASDAQ for the twenty trading-day period ending on the third trading day prior to the closing date and (ii) the offering price per share in any stock offering by the Company prior to the closing, and (c) a $1.5 million seller\u2019s note.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Bolder BioPATH Financials<\/strong><\/p>\n<\/td>\n\n
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  • 2020 revenue of $13.0 million<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Conditions<\/strong><\/p>\n<\/td>\n\n
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  • Subject to financing and customary closing conditions<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Timing<\/strong><\/p>\n<\/td>\n\n