Company Profile
Inotiv, Inc. is a contract research organization (CRO) headquartered in West Lafayette, Indiana, that provides nonclinical and analytical drug discovery and development services, as well as research models and related products, to the pharmaceutical and biotechnology industries. The company, which traces its roots back to 1974, generated approximately $513 million in revenue in its 2025 fiscal year and employs roughly 2,000 people. We have covered Inotiv in three articles, documenting its final months as a publicly traded company and its emergence from Chapter 11 bankruptcy as a private entity.
History
Inotiv’s path to restructuring was shaped by a series of operational and financial pressures that predate our coverage. The company, formed through the 2021 merger of Bioanalytical Systems, Inc. and Envigo, inherited significant legal and reputational challenges. Most notably, its Envigo subsidiary faced intense scrutiny over animal welfare violations at a beagle breeding facility in Cumberland, Virginia, and separate allegations concerning the illegal importation of monkeys. These issues resulted in federal investigations, fines, and the eventual closure of the Cumberland site, adding legal costs and operational disruptions to the company’s balance sheet.
By early 2026, the combination of these legacy liabilities and a strained capital structure pushed Inotiv toward a formal restructuring. The company also disclosed a cybersecurity incident on February 13, 2026, though the operational impact of that event was not detailed. On June 3, 2026, Inotiv announced it had reached an agreement with lenders to strengthen its capital structure, securing commitments for $65 million in new financing to support ongoing operations. That same day, the company and certain subsidiaries filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas to implement a prepackaged reorganization plan.
The bankruptcy process moved quickly. On July 14, 2026, the court confirmed the prepackaged plan, which laid out a complete wipeout of existing shareholders. At the time, Inotiv had approximately 35.2 million common shares outstanding, which had been suspended from Nasdaq on June 11 and were trading over the counter under the symbol NOTVQ. The confirmed plan specified that all existing common equity would be canceled on the effective date, with holders receiving no distribution, property, or other value. Control of the reorganized company was instead handed to prepetition first lien lenders, who received 93% of the new equity, while holders of second lien notes and convertible notes received the remaining 7%, subject to dilution from warrants and a future management incentive plan.
Inotiv emerged from Chapter 11 on July 19, 2026, as a privately held company operating under a new parent entity, Inotiv Parent, LLC. The reorganized parent issued 5.1 million units of new equity and 630,337 new warrants, each exercisable for one unit of new equity at a price of $40.20. With the old shares canceled and the company taken private, the public market saga for Inotiv’s legacy equity holders came to a close. The restructuring leaves the company with a stronger balance sheet and the same senior management team, now focused on its core CRO services without the weight of its prior capital structure and, presumably, with its most significant legal entanglements in the rearview mirror.