08.22.17
Avista Healthcare and contract research organization (CRO) Envigo have entered into a definitive merger agreement under which Envigo will become a wholly owned subsidiary of Avista. It will be renamed Envigo International Holdings, Inc. and is expected to be listed on the NASDAQ stock exchange. The combined company will have an anticipated initial enterprise value of approximately $924 million.
Adrian Hardy, the current president and chief executive officer of Envigo, will continue in that role to lead the new company and will also serve on the board of directors. The board will also include at least two representatives of Avista Acquisition Corp., Avista Healthcare’s sponsor, as well as certain members of the current Envigo board.
Envigo has over 80 years of experience providing non-clinical R&D services and research models.
"We are delighted to be partnering with Envigo,” said David Burgstahler, president and chief executive officer, AHPAC. “The company represents an ideal partner for AHPAC given its leading position in the global non-clinical contract research industry, attractive financial profile, and numerous avenues for growth. We believe the company is well positioned to benefit from the industry tailwinds driving growth in the non-clinical CRO sector. Additionally, under the leadership of the company’s experienced management team, Envigo has demonstrated the ability to execute on its acquisition growth strategy to broaden service capabilities and realize efficiencies.”
“We are pleased to partner with Avista in this transaction to accelerate our growth by efficiently accessing capital in the public markets,” said Dr. Hardy. “This transaction will further raise our profile with our biopharmaceutical clients and talent across the industry, while providing us with additional resources to increase our competitiveness in the attractive R&D products and services market.”
Adrian Hardy, the current president and chief executive officer of Envigo, will continue in that role to lead the new company and will also serve on the board of directors. The board will also include at least two representatives of Avista Acquisition Corp., Avista Healthcare’s sponsor, as well as certain members of the current Envigo board.
Envigo has over 80 years of experience providing non-clinical R&D services and research models.
"We are delighted to be partnering with Envigo,” said David Burgstahler, president and chief executive officer, AHPAC. “The company represents an ideal partner for AHPAC given its leading position in the global non-clinical contract research industry, attractive financial profile, and numerous avenues for growth. We believe the company is well positioned to benefit from the industry tailwinds driving growth in the non-clinical CRO sector. Additionally, under the leadership of the company’s experienced management team, Envigo has demonstrated the ability to execute on its acquisition growth strategy to broaden service capabilities and realize efficiencies.”
“We are pleased to partner with Avista in this transaction to accelerate our growth by efficiently accessing capital in the public markets,” said Dr. Hardy. “This transaction will further raise our profile with our biopharmaceutical clients and talent across the industry, while providing us with additional resources to increase our competitiveness in the attractive R&D products and services market.”
