Food safety testing and animal health applications products provider Neogen Corporation (NEOG) Tuesday said it has acquired BioKits food safety business of diagnostic products maker Gen-Probe Inc. (GPRO) for undisclosed terms.
As per the agreement, the Deeside, Wales facilities will operate as a unit of Lansing, Michigan-based Neogen's wholly owned subsidiary, Neogen Europe Ltd.
The acquisition includes over 50 test kits for food allergens, meat and fish speciation, and plant genetics. In addition to the product line of diagnostic test kits, BioKits provides specialized independent laboratory services to various companies.
San Diego, California-based Gen-Probe purchased BioKits business through its acquisition of Tepnel Life Sciences plc in April 2009. Gen-Probe elected to divest the business as it did not fit into its long-term strategic plans, stated Neogen.
Commenting on the acquisition, Neogen's chief executive officer James Herbert said, "Gen-Probe has a number of food allergen diagnostic tests that are not currently offered by Neogen, and an attractive line of tests to determine meat speciation as a tool to prevent economic adulteration."
Herbert added that the business has a good market position in several European countries, which will add to the market penetration of Scotland-based Neogen Europe operations.
Gen-Probe's president and CEO Carl Hull said, "Divesting Tepnel's BioKits food testing business will help Gen-Probe tighten our strategic focus on human molecular diagnostic opportunities."
Employing around 25 people in Deeside, Wales, Tepnel's food safety business is a freestanding operation and is expected to record revenues of nearly US$3 million this year.
NEOG is currently trading on the Nasdaq at $32.55 per share up $0.01 or 0.03%. In the past 52-week period, the shares have been trading in a range of $16.50 to $34.18.
GPRO is currently trading on the Nasdaq at $41.97 per share up $0.28 or 0.67%. In the past 52-week period, the shares have been trading in a range of $34.43 to $49.29.
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