CRO Envigo to Merge with Avista Healthcare

06:06 EDT 21 Aug 2017 | Genetic Engineering News

Avista Healthcare Public Acquisition Corp. (AHPAC) said today it will merge with the nonclinical contract research organization (CRO) Envigo International Holdings in a deal designed to speed up growth for Envigo by tapping into publicly traded AHPAC’s access to capital markets. The combined company would command an enterprise value of approximately $924 million, AHPAC and Envigo said—representing 10.6 times privately held Envigo's estimated pro forma adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2018. Envigo offers nonclinical R&D services and research models for the life sciences, chemical, crop protection, and academic markets. The company says its scientific support is designed to enable pharmaceutical companies, universities, governments, and other organizations carrying out research to reduce costs, increase speed, and enhance productivity and effectiveness in drug discovery and development. Envigo employs more than 3800 people across more than 50 locations in 14 countries worldwide. The company ...

Original Article: CRO Envigo to Merge with Avista Healthcare


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