INVO Bioscience has entered a definitive merger agreement with biotechnology company NAYA Biosciences in an all-stock transaction. The deal values INVO at USD 12.4 million and NAYA at USD 90.8 million.

Under the terms of the agreement, shareholders of NAYA Biosciences will receive ~7.33 shares of INVO for each share of NAYA Biosciences at closing for a total of ~18,150,000 shares of INVO.

Following the merger, the combined company is expected to operate under the name "NAYA Biosciences." The merger is subject to shareholder approval and other closing conditions, including interim private financing for INVO and a private offering by the combined company.

The merger is intended to allow NAYA to strengthen INVO's fertility operations with the new capital to expand INVO's fertility clinic operations across the US.

Florida-based INVO Bioscience provides fertility solutions that are claimed to be more affordable. Its lead product is INVOcell, a reproductive technology that allows fertilization and early embryo development to take place within the woman’s body. This was patented and FDA-cleared in 2016 and is the first Intravaginal Culture system used globally for the natural in-vivo incubation of eggs and sperm during fertilization and early embryo development.