Daily News: May 6, 2019

First Internet Supports BASi Acquisition of Smithers Avanza

Bioanalytical Systems (BASi) acquired the Smithers Avanza Toxicology Services business unit, a contract research organization located in Gaithersburg, MD, which specializes in general toxicology, vaccine safety and developmental and reproductive toxicology (DART) studies, in support of pharmaceutical and chemical industry research and development. The acquired business will operate as a wholly owned subsidiary of BASi under the name BASi Gaithersburg.

In connection with the transaction, BASi amended its credit arrangements with First Internet Bank to, among other things, renew the company’s revolving loan of $3.5 million and to add two new term loans in the amounts of $1.6 million and $1.1 million, respectively, a portion of the proceeds of which were used to fund the acquisition, with the remaining proceeds to be used for capital equipment financing and for future general corporate needs.

“The acquisition of the Smithers Avanza Toxicology Services business unit solidly supports BASi’s vision of strategic growth,” said Robert Leasure, Jr., BASi’s president and chief executive officer. “With strong demand for our toxicology and drug disposition services, we needed to add space and talent. The team that is joining us from Smithers in Gaithersburg will allow us to provide more resources to our clients.”

With this transaction, BASi adds immediate capacity and expects to further capitalize on its assets and broadened scientific expertise to guide clients through drug safety and disposition evaluations.