WEST LAFAYETTE, Ind., Jan. 06, 2022 (GLOBE NEWSWIRE) -- 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 acquisition of the rabbit breeding and supply business of Robinson Services Inc. (“RSI”), a North Carolina-based provider of high-quality animal models.
The acquisition is another step in Inotiv’s strategic plan for building its Research Models and Services (“RMS”) business. The acquisition consisted of the purchase of certain assets used by RSI in the acquired business, including the RSI customer list, a covenant not to compete from RSI and a one-year supply agreement for rabbits to be provided by RSI to Inotiv, which is subject to extension by mutual agreement. Inotiv plans to consolidate the RSI business into existing Inotiv facilities during 2022.
“The acquisition of RSI’s rabbit breeding capacity will enhance our plan to optimize the global footprint of our RMS business,” said Jim Harkness, Inotiv’s Chief Operating Officer, RMS. “We will achieve our plans by leveraging existing capabilities and network capacity to deliver the broadest range of options to our clients.”
Kevin Robinson, RSI’s Chief Executive Officer added, “After providing services and capabilities in this space for over thirty-five years, we wanted to ensure exceptional, uninterrupted service to our valued clients with our decision to retire from this component of our business. I’m confident this agreement with Inotiv will do exactly that, in addition to opening the door for our clients to the full depth and breadth of Inotiv’s comprehensive research and discovery solutions.”
About the Company
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, 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 changes in the market and demand for our 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, the impact of the COVID-19 pandemic on the economy, demand for our services and products and our operations, including the measures taken by governmental authorities to address the pandemic, which may precipitate or exacerbate other risks and/or uncertainties and various other market and operating risks, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission.
