Florida biotech firm to acquire Wisconsin Fertility Institute
INVO Bioscience Inc., a commercial-stage fertility company focused on expanding access to advanced treatment, announced it has signed binding agreements to acquire Wisconsin Fertility Institute. The Madison-based fertility center primarily offers conventional IVF procedures and generated approximately $5.5 million in revenue and net income of approximately $1.9 million for the 12-month period ending Sept. 30, 2022.
Wisconsin Fertility Institute is one of the state’s preeminent fertility centers, having helped to welcome over 5,000 babies since opening its doors in 2007 and with approximately 550 conventional IVF procedures completed in 2022. The organization is led by Dr. Elizabeth Pritts, who will continue to serve as the clinic’s lead physician for a minimum period of three years from the closing of the acquisition.
The purchase price of the acquisition is $10 million payable over a three-year period. Upon closing of the transaction, Wisconsin Fertility Institute will become a wholly owned subsidiary of INVO Bioscience Inc. Final closing of the transactions is expected to occur in the second calendar quarter of 2023, subject to completing customary closing procedures.