By Chris Wack
INVO Bioscience Inc. stated Monday it has signed binding agreements to purchase Wisconsin Fertility Institute for $10 million.
The corporate stated the Madison, Wis.-based fertility middle primarily presents typical IVF procedures and generated $5.5 million in income, and earnings of $1.9 million, for the trailing 12-month interval ended Sept. 30, 2022.
Wisconsin Fertility Institute is led by Dr. Elizabeth Pritts, who would proceed to function the clinic’s lead doctor for a minimal interval of three years from the closing of the acquisition.
The acquisition worth of $10 million is payable over a three-year interval. There can be an preliminary $2.5 million due in money at closing, with subsequent $2.5 million funds due yearly for the next three years. On the discretion of the sellers, subsequent funds could also be paid in money or in shares of INVO widespread inventory valued at $6.25, $9.09, and $14.29, for the second, third and ultimate funds, respectively.
Upon closing of the transaction, Wisconsin Fertility Institute would grow to be an entirely owned subsidiary.
INVO shares have been up 83%, to 99 cents, in premarket buying and selling.
Write to Chris Wack at chris.wack@wsj.com