The enlarged company after the subsequent merger is anticipated to operate under the name NAYA Biosciences and will focus on enhancing patient access to treatments in oncology, fertility, and regenerative medicine
INVO Bioscience to merge with NAYA Biosciences. (Credit: Rock Staar on Unsplash)
INVO Bioscience has agreed to acquire NAYA Biosciences in an all-stock transaction to establish an expanded publicly traded life science company in the US.
Listed on Nasdaq, INVO Bioscience is a healthcare services company with a mission to enhance accessibility to advanced fertility treatments. NAYA Biosciences is committed to broadening patient access to innovative therapies in the fields of oncology and regenerative medicine.
According to the terms of the agreement, shareholders of NAYA Biosciences will exchange each of their shares for 7.3333 shares of INVO Bioscience at closing. A total of around 18.15 million shares of the latter will be issued to NAYA Biosciences’ shareholders in this regard.
The enlarged company resulting from the subsequent merger is anticipated to operate under the name NAYA Biosciences.
The combined company’s chairman and CEO will be Daniel Teper, who is the incumbent chairman and CEO of NAYA Bioscience.
It will focus on enhancing patient access to treatments in oncology, fertility, and regenerative medicine.
Teper said: “The merger with INVO will accelerate our goal of increasing patient access to life-transforming treatments.
“Our increased access to capital through the NASDAQ listing will allow us to scale up profitable revenues from NAYA Fertility, advance toward revenue-generating pharma partnerships for our therapeutic programmes, and strategically seek to develop and acquire synergistic technologies and companies.”
The deal will combine NAYA Biosciences’ capabilities in biology, cell, and gene therapy, and artificial intelligence, with INVO Bioscience’s network of fertility clinics and INVOcell medical device enabling intravaginal culture.
INVO Bioscience chairman and CEO Steve Shum said: “We believe this combination provides the benefit of having existing, revenue-generating operations from our fertility business and an ability to further grow those activities, along with the upside potential of innovative cancer therapeutics.”
The deal has received unanimous approval from the board of directors of both companies and is anticipated to close in Q4 2023 subject to certain conditions.
Glaser Weil Fink Howard Jordan & Shapiro is the legal counsel to INVO Bioscience whereas Pearl Cohen is representing as legal counsel to NAYA Biosciences.