Inotiv seeks incentive to double Westminster pharma operation

WESTMINSTER — Inotiv Boulder LLC, the local affiliate of Inotiv Inc. (Nasdaq: NOTV), is planning to double its Westminster pharmaceutical research and laboratory operations, which the Indiana company acquired last year in its acquisition of a Westminster-based in vivo pharmacology and drug-discovery company Plato BioPharma Inc.

Westminster city officials could sweeten the pot for Inotiv, which cited previously revealed plans Plato had for expanding the 7581 W. 103rd Ave. facility to about 20,000 square feet, with the approval of tax- and fee-incentive package not to exceed $68,755 that was introduced Monday and approval on first reading without discussion.

The city expects Inotiv to invest $5.5 million in construction, renovations and build-out, as well as “add five “new jobs and retain the existing 34 jobs, average salaries will be $95,000 with an estimated annual payroll over $5 million,” city memos show. 

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Inotiv has also indicated that it plans to spend a bit less than $1 million on specialized equipment needed for pharmaceutical research and development.

“Inotiv prefers the Westminster location for expansion, as the workforce and laboratories needed to meet its growth goals are readily available along the US Highway 36 corridor,” documents provided to Westminster City Council said. “The location of this site is convenient for employees and is expected to help with employee retention.”

Inotiv bought Plato, a cardiovascular, renal, pulmonary and hepatic therapeutic specializer, in October 2021 for an undisclosed sum.

The purchase marked Inotiv’s third acquisition in the Boulder-Denver corridor in the past six months. In April, the company acquired two Boulder companies, including Bolder BioPath Inc., a contract pharmacology and pathology company, for $47 million in cash, stock and seller’s note, and HistoTox Labs Inc., a histology and pathology company, for $22 million.