West Lafayette-based Inotiv Inc. (Nasdaq: Inotiv) has acquired Plato BioPharma Inc., an in vivo pharmacology research and drug discovery company in Colorado. Inotiv says the deal, valued at $15 million in cash and stock, will bolster its growing operations in the Boulder, Colorado area.
Plato BioPharma specializes in cardiovascular, renal, pulmonary and hepatic therapeutics. Inotiv says the company is currently expanding its footprint in Boulder to accommodate growing demand for its services.
“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,” said Dr. John Sagartz, chief strategy officer for Inotiv. “PBI’s expertise and integrative approach to functional and physiological measurements, histological evaluations and biomarker analyses is complementary to our existing suite of services. This addition allows us to support and accelerate PBI’s growth plans, while further expanding into more physiologic and pharmacologic offerings.”
Inotiv says it expects to retain all of PBI’s 34 employees.