Inotiv sells Israel assets

CRO Inotiv has completed the sale of its business in Israel, which it described as part of the site optimisation plan for its Research Models & Services segment that it launched last year. The buyer was not named. Further assets remain for sale, which have been closed as part of the process.

The company received about $1.2 million, including an adjustment for the cash balance at closing, a note receivable of approximately $2.5 million, including an adjustment for certain reimbursed costs, to be paid on the first and second anniversaries of the closing, and took ownership of the Teklad diet manufacturing facility in the US, which it previously leased. Inotiv also entered into a five-year supply agreement with the buyer for certain of its diets and bedding, as well as a four-year agreement giving them exclusive rights to breed and sell all rat and mouse research models within Israel in return for a 2% royalty