Janel acquires EnCor Biotechnology for $17M; $11.96M cash plus $5.04M subordinated note

JANEL CORP

• On Oct. 20, 2026, Janel's Antibodies Incorporated bought 100% of Gainesville, Florida-based EnCor Biotechnology, an antibody/reagent maker for neurological disease research.
• Base purchase price $17.0M: $11.96M cash at closing plus $5.04M subordinated promissory note; sellers include Gerry Shaw, University of Florida Research Foundation and employee shareholders.
• Deferred payments to Shaw of $1.68M each on the first, second and third anniversaries; first payment subject to working-capital adjustment versus $250,000 target.
• On Oct. 16, 2026, lenders increased the acquisition facility by $15M; $11M was funded at closing, and EnCor joined as a borrower.
• Janel is seeking SEC relief from Rule 3-05 audited EnCor financials, arguing they are not material; no historical or pro forma statements were filed yet.