Inotiv Inc. (Nasdaq: NOTV), based in West Lafayette, Ind., has agreed to acquire Plato BioPharma Inc., a Westminster-based in vivo pharmacology and drug-discovery company.
The $15 million acquisition includes $10 million in cash, $2 million in Inotiv common shares and $3 million in unsecured promissory notes, the company said.
Plato specializes in cardiovascular, renal, pulmonary and hepatic therapeutic areas.
Inotiv said the acquisition will bolster its local operations, noting that Plato is expanding its facility space to double its current business.
The purchase marks Inotiv’s third acquisition in the Boulder-Denver corridor in the past six months. In April, the company acquired two Boulder companies, including Bolder BioPath Inc., a contract pharmacology and pathology company, for $47 million in cash, stock and seller’s note, and HistoTox Labs Inc., a histology and pathology company, for $22 million.
“The acquisition of PBI marks another milestone for Inotiv as we continue to execute on our strategy to build a complete range of contract research services that spans the entire drug discovery and preclinical development continuum,” John Sagartz, Inotiv’s chief strategy officer, said in a statement. “PBI’s expertise and integrative approach to functional and physiological measurements, histological evaluations and biomarker analyses is complementary to our existing suite of services. This addition allows us to support and accelerate PBI’s growth plans, while further expanding into more physiologic and pharmacologic offerings, enabling a wider range of clients to make informed decisions with confidence as they move toward their first-in-human clinical goals.”
Inotiv said it expects to retain all 34 of Plato’s current employees after the transaction closes.
“We look forward to joining the team and broadening Inotiv’s service offering with our decades of pharmaceutical, biotech industry and academic research experience,” Plato CEO and founder Craig Plato said in a prepared statement. “Our core values and collaborative approach align well, and our focus on rigorous scientific execution and dedication to delivering exceptional client experience will continue to be paramount. With Inotiv’s support, we are excited to provide our current and future clients an even more robust level of service and support to their preclinical drug discovery and development programs.”
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