Maine-based IDEXX Laboratories Inc. announced Nov. 7 it acquired the College of Veterinary Medicine’s Research and Diagnostic Laboratory (RADIL) from the University of Missouri for $43 million.
IDEXX focuses on pet healthcare innovation products for practicing veterinarians around the world. The previously-MU Research and Diagnostic Laboratory provides health monitoring and diagnostic testing services to bioresearch customers. It serves the biomedical research community with veterinary laboratory diagnostics including serology, pathology, molecular diagnostics, microbiology and parasitology.
According to Neil Olson, dean of the College of Veterinary Medicine, RADIL is a great example of MU faculty making discoveries and creating new knowledge that resulted in a very successful business. MU officials thought that privatizing and selling the business would be good for the college, the university and the state by keeping the business in the area. The $43 million generated by the sale will support the College of Veterinary Medicine and MU. Specific decisions about how the money will be divided and invested have not been made.
Olson said that throughout the process, MU officials consistently stressed the importance of assuring that all RADIL employees would be given the choice to become employees of IDEXX or maintain their jobs with the university; in either choice, their salaries and benefits would either remain the same or be increased. Forty-three staff members and six faculty members became employees of IDEXX. Two of RADIL’s faculty members chose to remain at MU.
“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,” said Jonathan Ayers, IDEXX chairman and CEO.
The research and diagnostic laboratory is located at 4011 Discovery Drive in the Discovery Ridge Research Park.