NEOGEN Acquires CAPInnoVet, Inc.
NEOGEN Corporation (NASDAQ: NEOG) has acquired CAPInnoVet, Inc., a provider of pet medications, expanding its reach into the $12B+ retail parasiticide market.
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Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
NEOGEN Corporation (NASDAQ: NEOG) has acquired CAPInnoVet, Inc., a provider of pet medications, expanding its reach into the $12B+ retail parasiticide market. This strategic acquisition aims to integrate CAPInnoVet into NEOGEN's Animal Safety segment, which focuses on veterinary instruments, pharmaceuticals, and diagnostic products. The deal is expected to enhance NEOGEN's offerings and leverage synergies in the pet healthcare sector. Specific terms of the transaction remain undisclosed.
Positive
- Entry into the $12B+ retail parasiticide market enhances revenue potential.
- Integration into NEOGEN's Animal Safety segment aligns with existing product offerings.
- Strengthens market position in the companion animal health sector.
Negative
- None.
Details
News Market Reaction – NEOG
The recorded move for NEOG in the trading session of this news was -2.95%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
LANSING, Mich., Sept. 20, 2021 /PRNewswire/ -- NEOGEN Corporation (NASDAQ: NEOG) announced today that it has acquired Atlanta-based CAPInnoVet, Inc., a companion animal health company that provides pet medications to the veterinary market.
CAPInnoVet was founded in 2014 as a key provider of differentiated companion animal health products, providing better access to high-quality and high-value pet medications.
NEOGEN's acquisition of CAPInnoVet will provide entry into the fast-growing
"The acquisition of CAPInnoVet provides NEOGEN a strategic pathway into the parasiticide market and naturally aligns within our Animal Safety business segment," said Doug Jones, NEOGEN's Chief Commercial Officer. "We are excited for the team at CAPInnoVet to join the NEOGEN family."
"We are very excited to be joining the NEOGEN team. Becoming a part of NEOGEN will allow us to not only further advance our vision of providing high-quality pet medications at a significant value to pet owners but also join a company that has similar values," said Rudy Hauser, CAPInnoVet co-founder and Chief Executive Officer. "I would like to thank the CAPInnoVet team for their commitment and dedication to making this company a success. We are extremely appreciative of their contributions; we certainly would not have been this successful without them, and for that, we are deeply grateful."
Terms of the agreement were not disclosed.
NEOGEN Corporation develops and markets comprehensive solutions dedicated to food and animal safety. The company's Food Safety segment 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 segment is a leader in the development of genomic solutions along with the manufacturing and distribution of a variety of animal healthcare products, including diagnostics, pharmaceuticals, veterinary instruments, wound care, and disinfectants, as well as rodent and insect control solutions.
CONTACT: | Doug Jones, Chief Commercial Officer |
517.372.9200, djones@neogen.com |
View original content:https://www.prnewswire.com/news-releases/neogen-acquires-capinnovet-inc-301380666.html
SOURCE NEOGEN Corporation
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