|CONTACT: Steve Quinlan, Vice President & CFO, 517/372-9200|
LANSING, Mich., Dec. 8, 2014 — Neogen Corporation (Nasdaq: NEOG) announced today that it has acquired the food safety and veterinary genomic assets of its Chinese distributor, Beijing Anapure BioScientific Co., Ltd. (Anapure).
Anapure has been a distributor of Neogen’s food safety products for more than 10 years, and has also offered Neogen’s veterinary genomic services in recent years.
“As we’ve shown with our acquisitions of successful distributor partners in Europe, Brazil, and elsewhere, creating a direct presence in an important global market can accelerate our expansion into that market,” said James Herbert, Neogen’s chairman and chief executive officer. “China’s burgeoning middle class, with its rapidly growing demand for higher quality meat and dairy products, makes the country a substantial growth opportunity for Neogen products — both for animal production on the country’s farms, and in processing plants throughout China’s food processing and distribution industry.
“Acquiring these strategic assets from Anapure will give us direct access to the western and multinational food companies that have located in China, most of which are already Neogen customers elsewhere,” Herbert continued. “The acquisition will also allow us to build upon our existing Neogen China infrastructure to provide a foothold in Asia, from which we will be able to expand throughout the region.”
Anapure was founded in 1998, and has focused on food and environment safety testing, blood typing, and small animal disease diagnosis throughout China. Its food safety testing business includes more than 700 customers in the dairy, beverage and beer, animal feed, and meat and poultry industries.
Terms of the deal were not disclosed.
Neogen Corporation develops and markets products dedicated to food and animal safety. The company’s Food Safety Division markets dehydrated culture media, and diagnostic test kits to detect foodborne bacteria, natural toxins, food allergens, drug residues, plant diseases and sanitation concerns. Neogen’s Animal Safety Division is a leader in the development of animal genomics along with the manufacturing and distribution of a variety of animal healthcare products, including diagnostics, pharmaceuticals, veterinary instruments, wound care and disinfectants.