Livingstone Earns "Highest Honors" from University of Missouri
November 2011
Livingstone, the leading independent, international investment banking firm, is pleased to announce that the University of Missouri (“University”) has sold the research and diagnostic laboratory (“RADIL”) business of its College of Veterinary Medicine to IDEXX Laboratories, Inc. (“IDEXX”) (NASDAQ: IDXX) for $43 million in cash. Livingstone acted as the exclusive financial advisor to the University.
Based in Columbia, Missouri, RADIL provides health monitoring and diagnostic testing services to bioresearch customers. With approximately $12 million of annual revenue, it is widely recognized as the leading developer of cutting edge, innovative diagnostic tests including serology, pathology, molecular diagnostics, microbiology, and parasitology.
"This is a wonderful example of the University creating a start-up business from a laboratory discovery, supporting its growth, and then commercializing the business to a large veterinary company that can leverage its global infrastructure to support future growth,” said Neil Olson, Dean of the College of Veterinary Medicine. “IDEXX is an excellent match for collaborative programs at the University and the College, and I look forward to working with them in the future."
“The University was impressed by Livingstone’s approach in creating and managing a competitive sale process,” said Ken Dean, Deputy Provost. “We are extremely happy with the results of the RADIL sale and welcome IDEXX to the Columbia community.”
“The acquisition is an excellent fit for IDEXX as it expands into the bioresearch market, leveraging RADIL’s track record of innovation, outstanding reputation, and strong relationships with leading bioresearch customers,” commented Livingstone Managing Director and Healthcare sector head Jim Moskal.
Livingstone Partner and University of Missouri alumnus Stephen Miles added, “We are pleased to have advised Mizzou on this important transaction, and to have helped achieve such an attractive monetization for the University.”
The sale of RADIL represents the eighth healthcare transaction closed by Livingstone in 2011.
For further information please contact:
James Moskal
T: 312 670 5918
E: moskal@livingstonepartners.com
