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Horizon Discovery offloads In Vivo business to Envigo
8th Nov 2019 12:09
(Sharecast News) - Gene editing and gene modulation technology company Horizon Discovery Group announced an agreement to divest its In Vivo business unit to Envigo RMS on Friday, for a nominal consideration satisfied in cash.
The AIM-traded firm said In Vivo provides genetically engineered rodent models from its premises in St Louis, Missouri and Boyertown, Pennsylvania.
It said its animal models featured specific gene deletions, insertions, repressions and modifications, and are used as preclinical models for human genetic disease for drug discovery.
In recent years, In Vivo had also been involved in establishing CRISPR screens in xenograft mouse models.
Envigo, which is headquartered in Indianapolis, Indiana has more than 1,200 employees in over 20 locations across North America and Europe, and provides a "broad range" of standard animal research models to the pharmaceutical and biotechnology industries, government, academia and other life science organisations, Horizon Discovery explained.
It said In Vivo would become incorporated into Envigo, with the business unit's assets and employees expected to transfer.
Both parties were reportedly committed to an ongoing collaboration to support growing opportunities with in-vivo CRISPR screening.
That, the board said, would enable Horizon to continue crucial aspects of its animal model screening work in conjunction with Envigo, and generate additional business opportunities of benefit to both companies.
"In our recent results statement, we highlighted the fact that In Vivo was facing some challenging market headwinds," said Horizon Discovery chief executive officer Terry Pizzie.
"Whilst we have been working hard to optimise In Vivo's performance, we recognise that we are subscale in this market and that it would be challenging for the Group to establish a market leading position in this segment.
"We are pleased to announce this transaction with a strong commercial partner, Envigo, which will provide an opportunity for the In Vivo business to flourish within a larger, market-leading company and also provide continuity for its many customer relationships."
Pizzie confirmed that on an ongoing basis, Envigo would collaborate with Horizon where its customers could benefit from In Vivo research, particularly in CRISPR screening.
"This transaction is beneficial for all parties and fully in line with our 'Investing for Growth' strategy."
Dr Adrian Hardy, president and CEO of Envigo, added that the company had a "strong strategic rationale" for the acquisition.
"We already provide the industry's broadest range of research models to the global biopharma, academia, government and life science organisations, so we can provide the necessary scale and commercial infrastructure to more broadly market In Vivo's genetically engineered rodent models and associated services.
"The genetic-modification technologies expertise of the acquired business is an important addition to our portfolio to enable us to further broaden the range of products and services available to Envigo customers.
"We are delighted to welcome the In Vivo team to the Envigo family and look forward to a strong collaboration with Horizon in future activities," Dr Hardy said.
At 1202 GMT, shares in Horizon Discovery were flat at 169p.
The AIM-traded firm said In Vivo provides genetically engineered rodent models from its premises in St Louis, Missouri and Boyertown, Pennsylvania.
It said its animal models featured specific gene deletions, insertions, repressions and modifications, and are used as preclinical models for human genetic disease for drug discovery.
In recent years, In Vivo had also been involved in establishing CRISPR screens in xenograft mouse models.
Envigo, which is headquartered in Indianapolis, Indiana has more than 1,200 employees in over 20 locations across North America and Europe, and provides a "broad range" of standard animal research models to the pharmaceutical and biotechnology industries, government, academia and other life science organisations, Horizon Discovery explained.
It said In Vivo would become incorporated into Envigo, with the business unit's assets and employees expected to transfer.
Both parties were reportedly committed to an ongoing collaboration to support growing opportunities with in-vivo CRISPR screening.
That, the board said, would enable Horizon to continue crucial aspects of its animal model screening work in conjunction with Envigo, and generate additional business opportunities of benefit to both companies.
"In our recent results statement, we highlighted the fact that In Vivo was facing some challenging market headwinds," said Horizon Discovery chief executive officer Terry Pizzie.
"Whilst we have been working hard to optimise In Vivo's performance, we recognise that we are subscale in this market and that it would be challenging for the Group to establish a market leading position in this segment.
"We are pleased to announce this transaction with a strong commercial partner, Envigo, which will provide an opportunity for the In Vivo business to flourish within a larger, market-leading company and also provide continuity for its many customer relationships."
Pizzie confirmed that on an ongoing basis, Envigo would collaborate with Horizon where its customers could benefit from In Vivo research, particularly in CRISPR screening.
"This transaction is beneficial for all parties and fully in line with our 'Investing for Growth' strategy."
Dr Adrian Hardy, president and CEO of Envigo, added that the company had a "strong strategic rationale" for the acquisition.
"We already provide the industry's broadest range of research models to the global biopharma, academia, government and life science organisations, so we can provide the necessary scale and commercial infrastructure to more broadly market In Vivo's genetically engineered rodent models and associated services.
"The genetic-modification technologies expertise of the acquired business is an important addition to our portfolio to enable us to further broaden the range of products and services available to Envigo customers.
"We are delighted to welcome the In Vivo team to the Envigo family and look forward to a strong collaboration with Horizon in future activities," Dr Hardy said.
At 1202 GMT, shares in Horizon Discovery were flat at 169p.