Avista Healthcare Public Acquisition Corp. (AHPAC; NY, USA) and Envigo International Holdings Inc. (NJ, USA) have announced a definitive merger agreement. Envigo, an early-stage non-clinical CRO, will become a wholly-owned subsidiary of AHPAC, which will be re-named Envigo International Holdings Inc.
Adrian Hardy, the current President and CEO 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., AHPAC’s sponsor, as well as certain members of the current Envigo board.
David Burgstahler, President and Chief Executive Officer of AHPAC stated: “We are delighted to be partnering with Envigo. 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.”
Hardy commented: “We are pleased to partner with Avista in this transaction to accelerate our growth by efficiently accessing capital in the public markets. 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.”
Envigo International Holdings Inc. is expected to be listed on the NASDAQ stock exchange as of closing of the proposed transaction. The combined company is anticipated to have an initial enterprise value of approximately $924 million.