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Neogen Acquires Gen-Probe's BioKits Food Safety Business
Date:12/1/2009

LANSING, Mich., Dec. 1 /PRNewswire-FirstCall/ -- Neogen Corporation (Nasdaq: NEOG) announced today that it has acquired the BioKits food safety business of San Diego, Calif.-based Gen-Probe Incorporated ( GPRO). The acquisition includes more than 50 test kits for food allergens, meat and fish speciation, and plant genetics.

Gen-Probe acquired the BioKits business through its acquisition of Tepnel Life Sciences plc in April 2009. Gen-Probe elected to divest the food safety business of United Kingdom-based Tepnel as it did not fit into its long-term strategic plans. Tepnel's food safety business is a freestanding operation employing approximately 25 people in Deeside, Wales. Tepnel was founded in 1992, and its food safety business is expected to record revenues of approximately $3 million (U.S.) this year. Terms of the acquisition were not disclosed.

"This acquisition provides a good opportunity for Neogen since the markets and products are both synergistic to our continued growth," said James Herbert, Neogen's CEO. "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. The business also has a good market position in several European countries that will add to the market penetration of our Scotland-based Neogen Europe operations."

"Divesting Tepnel's BioKits food testing business will help Gen-Probe tighten our strategic focus on human molecular diagnostic opportunities," said Carl Hull, Gen-Probe's President and CEO. "We are pleased to see this business now under the direction of Neogen Corporation, a company we respect as being one of the world leaders in food safety. This will provide a continuation of service to our worldwide customers."

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SOURCE Neogen Corporation
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