Inotiv, Inc. (NOTV), the contract research organization specializing in nonclinical and analytical drug discovery and development services, recently announced that it has acquired Plato BioPharma for $15 million.
Plato BioPharma is an in vivo pharmacology research and drug discovery company, which specializes in cardiovascular, renal, pulmonary and hepatic therapeutic areas.
The consideration consists of $10 million in cash, 57,587 Inotiv common shares having a value of $2 million and $3 million unsecured promissory notes.
Taking into account that Plato BioPharma is currently looking to increase its facility space to fit in roughly double the number of its current businesses to meet heightened demand, Inotiv expects this acquisition to lend strength to its operations in Colorado.
The Chief Strategy Officer of Inotiv, John Sagartz, said, “The acquisition of PBI marks another milestone for Inotiv as we continue to execute on our strategy to build a complete range of contract research services that spans the entire drug discovery and preclinical development continuum. PBI’s expertise and integrative approach to functional and physiological measurements, histological evaluations and biomarker analyses is complementary to our existing suite of services.” (See Inotiv stock chart on TipRanks)
Recently, Colliers Securities analyst Kyle Bauser reiterated a Buy rating on the stock. The analyst’s price target of $72 implies upside potential of 133.5% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 2 unanimous Buys. The average Inotiv price target of $64.50 implies that the stock has upside potential of 109.1% from current levels.
Inotiv scores a 6 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares have gained about 504.7% over the past year.
Related News:
KDP Unveils $4B Share Buyback Program; Reiterates FY2021 Outlook
Deere Reaches Tentative Agreement with UAW; Shares Rise 2.1%
Life Storage Cheers Shareholders with 16% Dividend Hike
