WESTBROOK, Maine, Nov. 7, 2011 /PRNewswire/ -- IDEXX Laboratories, Inc. (NASDAQ: IDXX), today announced that it has acquired the research and diagnostic laboratory (RADIL) business of the College of Veterinary Medicine from the University of Missouri for $43 million in cash. Based in Columbia, Missouri, RADIL provides health monitoring and diagnostic testing services to bioresearch customers.
"The bioresearch market is an excellent strategic fit for IDEXX, allowing us to leverage our expertise in veterinary diagnostics, as well as our integrated offering of reference laboratory and in-clinic testing solutions," commented Jonathan Ayers, Chairman and Chief Executive Officer. "The acquisition of RADIL, with its international reputation, track record of innovation, and solid relationships with key bioresearch customers, will create a strong foundation for our further participation in this market."
RADIL serves the biomedical research community with veterinary laboratory diagnostics including serology, pathology, molecular diagnostics, microbiology, and parasitology. All RADIL employees will join IDEXX and continue operations in Columbia.
"The acquisition of RADIL represents a natural extension of our business strategy and aligns well with our overall corporate purpose – to create long-term value for our shareholders while enhancing the health and well-being of pets, people and livestock," added Ayers.
IDEXX expects future growth of the RADIL business to be augmented by the opportunity to leverage IDEXX technologies and international expansion supported by IDEXX's global infrastructure.
The acquisition of RADIL by IDEXX is treated as a purchase of assets from a tax perspective. In 2012, the acquisition is expected to contribute approximately $12 million of revenue and to be ap
|SOURCE IDEXX Laboratories, Inc.|
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