Neutra Corporation NTRR has announced a letter of intent to acquire Mercury Clinical Research, a privately owned site management organization SMO, consisting of a network of physicians conducting clinical trials for pharmaceutical companies. The parties are expected to reach a binding agreement within the next 90 days, with the closing expected in the third quarter of 2023. Neutra expects to provide the company with the optimum financial flexibility in the future, because of the combination of cash and equity. Completion of the transaction is subject to customary conditions, including but not limited to the following key conditions:
Mercury, under its current management, has grown twenty percent over the last six years, with gross revenue of between $3 and $6 million with industry-commensurate gross margins and positive EBITDA. It is expected that Mercury will be a wholly owned subsidiary of the company and will place executives in senior management positions. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be completed.
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