Avista Healthcare Public Acquisition Corp., a New York-based special purpose acquisition company, and East Millstone-based Envigo International Holdings Inc., an early-stage non-clinical contract research organization, jointly announced they have agreed to merge.
Under terms of the agreement, Envigo will become a wholly-owned subsidiary of AHPAC, which will be renamed Envigo International Holdings Inc.
The new company will have an approximate initial enterprise value of $924 million.
Dr. Adrian Hardy, the current CEO and president of Envigo, will continue in that role in the new company and also serve on the board of directors.
"We are delighted to be partnering with Envigo," said David Burgstahler, CEO and president of AHPAC. "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."
"We are pleased to partner with Avista in this transaction to accelerate our growth by efficiently accessing capital in the public markets," Hardy said. "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."
Credit Suisse Securities LLC is acting as financial advisor to AHPAC, and Jefferies LLC is acting as financial advisor to Envigo. Weil, Gotshal & Manges LLP is acting as legal advisor to AHPAC. Cahill Gordon & Reindel LLP is acting as legal advisor to Envigo. Ellenoff Grossman & Schole LLP is acting as special SPAC counsel to Envigo.