Envigo eyes public market capital in Avista merger
Avista Healthcare Public Acquisition Corp. (AHPAC), a publicly traded special purpose acquisition company, and Envigo International Holdings, Inc., an early stage non-clinical contract research organization (CRO), have entered into a definitive merger agreement.
As per the agreement, Envigo will become a wholly-owned subsidiary of AHPAC, which will be re-named Envigo International Holdings, Inc.
The newly merged company is expected to be listed on NASDAQ stock exchange at the transaction’s anticipated closing before the end of the year.
Envigo’s current president and CEO Dr. Adrian Hardy will remain in this role at the new company. He will also serve on the board of directors alongside at least two representatives of Avista Acquisition Corp., AHPAC’s sponsor, and members of Envigo’s current board.
Avista Acquisition Corp. is an affiliate of Avista Capital Holdings, L.P, a New York-headquartered private equity firm.
According to Avista, the newly combined company will have an anticipated initial enterprise value of approximately $924m.
David Burgstahler, president and CEO of AHPAC commented that Envigo “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 are pleased to partner with Avista in this transaction to accelerate our growth by efficiently accessing capital in the public markets,” said Hardy in the release.
“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,” Hardy added.
The companies are not providing any further comment at this time.
