Inotiv Announces the Sale of its Israeli Businesses to Harlan Holdings Ltd.
29 Agosto 2023 - 5:47PM
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 the completion of the sale of its
businesses in Israel. The sale complements Inotiv’s site
optimization plan for the Research Models and Services segment of
the business.
The Company received cash of approximately $1.2
million, including an adjustment for the cash balance at the
closing of the sale, a note receivable of approximately $2.5
million, including an adjustment for certain reimbursed costs, to
be paid in two annual installments on the first and second
anniversaries of the closing, and ownership of the Teklad diet
manufacturing facility in the U.S., which the Company previously
leased, as part of the consideration received for this sale.
Additionally, the Company entered into a five-year supply agreement
with the buyer for certain of its diets and bedding. The Company
entered into a four-year agreement with the buyer, in which the
buyer will have exclusive rights to breed and sell all rat and
mouse research models of the Company within Israel, and the Company
will receive a 2% royalty during this four-year period.
“We are pleased with the outcome of this
transaction, as well the progress made to right-size our global
footprint,” said Robert Leasure, Jr., Inotiv’s President and Chief
Executive Officer. “With our attractive and competitive profile as
a full-service, mid-sized CRO and research model and diet provider,
we remain well positioned to maintain strong growth of our
businesses. I am also grateful for the contributions made by the
Inotiv team as we collectively address both the challenges and
opportunities facing our business and industry while delivering a
high level of service to our clients.”
Inotiv has additional assets held for sale
remaining on its balance sheet related to other locations, as
described in its Form 10-Q for the quarter ended June 30, 2023. The
remaining assets held for sale mainly relate to facilities that
have been closed as part of the site optimization process the
Company has implemented over the last year.
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 contains forward-looking statements
that are subject to risks and uncertainties including, but not
limited to, risks and uncertainties related to the impact of recent
events related to non-human primate matters on the Company’s
business, operations, results, financial condition, cash flows, and
assets, the Company’s ability to comply with covenants under its
credit agreement, Company’s ability to reduce its legal and third
party fees, changes in the market and demand for the Company’s
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,
governmental regulations, inspections and investigations, claims,
investigations and litigation against or involving the Company, its
business and/or its industry, the impact of site closures and
consolidations, 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.
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Company Contact |
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Investor Relations |
Inotiv, Inc. |
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LifeSci Advisors |
Beth A. Taylor, Chief Financial Officer |
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Bob Yedid |
(765) 497-8381 |
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(516) 428-8577 |
btaylor@inotivco.com |
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bob@lifescieadvisors.com |
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