Livingstone’s Healthcare team has advised the University of Missouri on the sale of the research and diagnostic laboratory business of its College of Veterinary Medicine. RADIL has been acquired by IDEXX Laboratories, Inc. for $43m.
Columbia, Missouri-based RADIL provides health monitoring and diagnostic testing services to bioresearch customers. With circa $12m of annual revenue, it is widely recognized as the leading developer of cutting edge diagnostic tests for applications in 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.”
Livingstone Chicago’s Head of Healthcare Jim Moskal commented, “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.”
Partner at Livingstone Chicago 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 return for the University.”
The sale of RADIL represents the eighth Healthcare sector transaction completed by Livingstone in 2011.