Neutra Corporation NTRR announced the execution of a binding letter of intent to acquire Mercury Clinical Research, a privately-owned site management organization (SMO) comprised of a network of physicians conducting clinical trials for pharmaceutical companies. This acquisition will accelerate the company’s development in the health and wellness and life sciences sector as well as be being accretive for its shareholders.
The parties intend to enter into a binding agreement within the next 90 days, with the closing anticipated in the third quarter of 2023. Neutra expects to fund the acquisition with a combination of cash and equity to provide the company with the optimum financial flexibility in the future. Completion of the transaction is subject to customary conditions, including but not limited to the following key conditions:
Execution of the definitive agreement;
Completion of mutually satisfactory due diligence;
Receipt of all required regulatory, corporate and third party approvals.
Mercury, under its current management, has grown over twenty percent year over year in the last six years, with a 2022 gross revenue of between $3 and $6 million with industry-commensurate gross margins and positive EBITDA. Mercury will become a wholly owned subsidiary of the company and is expected to place executives in senior management positions. Accordingly, there can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated.
The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.
Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
BENZINGA CANNABIS CONFERENCE
Meet the biggest cannabis industry players and make deals that will push the industry forward.
Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.
Join us April 11-12, 2023 at Fontainebleau Miami Beach in sunny Florida.