|Neogen CEO James Herbert|
Neogen ($NEOG), the maker of food and animal safety products, acquired Ann Arbor, MI-based BioLumix through a purchase of all of the company's outstanding stock.
BioLumix, which focuses on automated systems for the detection of microbial contaminants, will be consolidated into Neogen's line of Soleris technology, the company said in a press release. The deal also settles 7 years of litigation between the two companies, Neogen CEO and Chairman James Herbert said in a statement.
The combination of the two units "will greatly enhance both businesses and offer significant labor saving rapid solutions for the food, pharmaceutical and personal care businesses," Herbert said.
Terms of the deal weren't disclosed.
Last month, Neogen reported a fiscal first-quarter gain in net income of 13% based on stronger sales in its food safety segment. Net earnings for the period ended Aug. 31 were $8.9 million, or 24 cents per share, compared to $7.8 million, or 21 cents per share, for the same quarter a year ago.
The Lansing, MI-based company also recently announced an agreement with Merck Animal Health ($MRK) to market Neogen's Igenity Dairy Heifer Program that uses genomic testing to help identify the potential of replacement dairy heifers.
- check out the release