|Envigo CEO Brian Cass|
The recently merged Huntingdon Life Sciences and Harlan Laboratories have convinced their investors to commit up to $125 million in equity financing, lining up the cash they'll need to move forward as a joint entity.
The two contractors joined forces last year, pooling Huntingdon's expertise in running animal studies for pharma and agriculture with Harlan's presence in preclinical drug R&D. Later this year, the combined entity plans to change its name to Envigo, moving forward with about 3,800 employees around the world and roughly $500 million in annual revenue.
And the company's latest equity deal will help it raise its profile in preclinical research, CEO Brian Cass said, at once validating the merger and giving the future Envigo the cash it needs to invest in growth.
"We look forward to leveraging the resources of the investor group as we continue to grow Envigo and enhance our market-leading position," Cass said in a statement.
The company touts itself as the world's largest provider of research services to the crop protection and chemical industries, the second largest player in animal models and the third largest CRO focused on preclinical pharma studies.
- read the statement