Idexx Laboratories has acquired the research and diagnostic laboratory business of the University of Missouri's College of Veterinary Medicine for $43 million.
Based in Columbia, Mo., RADIL provides health monitoring and diagnostic testing services to bioresearch customers, and will allow Westbrook-based Idexx to expand its offerings in veterinary diagnostics and in-clinic testing solutions, according to a press release. 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," said Idexx President and CEO Jonathan Ayers. The acquisition will help to expand RADIL's business internationally.
In 2012, the acquisition is expected to contribute approximately $12 million in revenue, according to the release. Last month, the company announced its third-quarter revenues were up 12% over the same period last year.