IDEXX Laboratories, Inc. (NASDAQ:IDXX) announced today that it has acquired the research and diagnostic laboratory (RADIL) business of the College of Veterinary Medicine from the University of Missouri. IDEXX paid the the University of Missouri $43 million dollars in cash for the research and diagnostic business.
RADIL provides health monitoring and diagnostic testing services to bioresearch customers according to the company.
IDEXX released the following statement regarding the purchase, “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 shares closed in positive territory for the fourth consecutive day of trading, closing at $73.19 to finish Monday trading.