Neogen

Last updated
Neogen Corporation
Company type Public
Industry
Founded1982;42 years ago (1982) in Lansing, Michigan [1]
Founders
  • Herbert Dow Doan
  • James L. Herbert
Headquarters620 Lesher Place,
Lansing, Michigan
,
U.S.
Area served
Worldwide
Key people
RevenueIncrease2.svg US$527.16 million [2]  (2022)
Decrease2.svgUS$58.62 million [2]  (2022)
Decrease2.svgUS$48.31 million [2]  (2022)
Total assets Increase2.svgUS$992.93 million [2]  (2022)
Total equity Increase2.svgUS$887.37 million [2]  (2022)
Number of employees
2,108 (2022)
Divisions
  • Neogen Animal Safety
  • Neogen Food Safety
Subsidiaries
  • Abtek (Biologicals) Limited
  • Chem-Tech, Ltd.
  • Delf Chem Solutions, Ltd.
  • GeneSeek, Inc.
  • Genetic Veterinary Services, LLC
  • Hacco, Inc.
  • Lab M Limited
  • Megazyme, Ltd.
  • Quat-Chem, Ltd.
  • Rogama Industria Comercio Ltda.
Website neogen.com

Neogen Corporation is an international food safety company that provides test kits and relevant products to detect dangerous substances in food. The company was founded in 1982 and is based in Lansing, Michigan. [1] The company serves a wide range of countries including Canada, [3] United States, the United Kingdom, [4] parts of Europe, [5] Mexico [6] and Brazil, [7] India, [8] and China, [9] among others. As of 2016, the company has a market capitalization of $1.83 billion [10] with an enterprise value of $1.57 billion. [11] The company operates a product line of over 100 drug detection test kits worldwide for the detection of about 300 abused and therapeutic drugs in animal treatment. [12] In 2009, it became a vendor of the Chinese government and has been engaged in researching China-specific food safety and plant health issues. [13]

Contents

History

The company was founded by Herbert D. "Ted" Doan and James L. Herbert in 1981 as an investment project by Michigan State University. An early $50,000 investment by the Michigan State University Foundation awarded 30% of the company shares in the early years after its founding. The purpose of the company was to help strengthen the biotechnology community in Lansing and the state as a whole, which had no large biotech companies at the time, and to help retain molecular biologists within the state. [14] One of the earliest acquisitions for the company was Ideal Instruments Inc. in 1985 in order to utilize their production of veterinary tools. [15]

In 1991, Neogen purchased WTT, a 1988 spinoff company of the University of Kentucky that licensed the technology the college had developed. Named for the company's founding professors David Watt, Hsin-Hsiung "Daniel" Tai, and Thomas Tobin, WTT manufactured drug-detection tests for the horse racing industry. The ELISA (enzyme-linked immunoassay) tests allowed officials to test for performance-enhancing drugs that were difficult to detect in 1988. [16]

In 2010, Neogen acquired the genomics-focused company GeneSeek in order to expand their focus on animal genomes and proper heredity and breeding, especially in regards to cattle. [17]

In December 2021, 3M announced that it would merge its food-safety business with Neogen. [18] [19] The deal, with an enterprise value of about $5.3 billion, [18] closed in September 2022. [20]

Products

Neogen focuses on supplying products for bacterial detection and proper sterilization and tool handling with antibiotics, along with genomics research products focused on gene isolation and heredity mapping. The detection products include Reveal for Salmonella Enteriditis, [21] along with Agri-Screen and Veratox for a range of mycotoxin detections. [22] Advancements in hydrophobic grid membrane filter (HGMF) technology led Neogen to the creation of a disposable filter in 2004 called NEO-GRID. [23]

Organization

The company operates its business through two segments including Food Safety and Animal Safety. The Food Safety segment provides diagnostic test kits and other complementary products for dangerous or unintended substances testing in both human and animal food. The Animal Safety segment is engaged in developing and supplying pharmaceuticals and medical instruments that are used in the global veterinary market. [24] The latter segment also produces medicine to control animal disease and rodents in wide industries including agriculture and food production. [25] In 2013, the company acquired Chem-Tech Ltd, which used to be wholly owned by Pat and Kelle Rolfes. [26]

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References

  1. 1 2 Cosentino, Lawrence (October 9, 2013), "Neogen CEO James Herbert honored for 30 years of restoration work on east side", City Pulse , Lansing, Michigan , retrieved August 26, 2016
  2. 1 2 3 4 5 "NEOGEN Form 10-K" . Retrieved September 22, 2022.
  3. ↑ Harvey, Joseph (October 20, 2015). "Neogen adds Canadian genomics division". Animal Pharm. Informa . Retrieved August 27, 2016.[ permanent dead link ]
  4. ↑ Alusheff, Alexander (August 27, 2015). "Neogen acquires UK-based firm Lab M". Lansing State Journal . Retrieved August 27, 2016.
  5. ↑ "Certification opens up market opportunities - Neogen". Food Quality News . June 6, 2013. Retrieved August 27, 2016.
  6. ↑ Plunkett, Jack W. (March 1, 2009). Plunkett's Companion to the Almanac of American Employers 2009: Mid-Size Firms. Houston, Texas: Plunkett Research. ISBN   9781593921262.
  7. ↑ "Neogen Acquires Brazilian Animal Genomics Company". Veterinary Week . May 9, 2016. Archived from the original on October 8, 2016. Retrieved August 27, 2016.
  8. ↑ "Neogen acquires Kerala-based food safety company". Business Standard . June 2, 2015. Retrieved August 27, 2016.
  9. ↑ "Neogen Acquires Assets of Chinese Distributor Anapure". Food Safety Magazine . December 8, 2014. Retrieved August 27, 2016.
  10. ↑ "Neogen Corporation (NASDAQ:NEOG) Market Cap Reaches 1.83B". Vanguard Tribune. February 23, 2016. Archived from the original on February 2, 2017. Retrieved August 27, 2016.
  11. ↑ "Neogen Corporation: Key Statistics - Yahoo! Finance". Finance.yahoo.com. Retrieved 2014-03-09.
  12. ↑ "Neogen Corporation: NASDAQ". Secfilings.nasdaq.com. Retrieved 2014-03-10.
  13. ↑ "Neogen partners with Chinese government". Neogen.com. February 9, 2006. Retrieved 1 July 2017.
  14. ↑ Kenney (1988), pp. 83-84
  15. ↑ New Alliances and Partnerships in American Science and Engineering. National Academies Press. 1986. pp. 114–115. Retrieved July 24, 2015.
  16. ↑ Deb Weis. "UK Part of Neogen's Animal Safety Success". Department of Agriculture, Food and Environment, University of Kentucky. Retrieved September 9, 2022.
  17. ↑ VanHulle, Lindsay (April 7, 2012). "Neogen CEO Herbert builds on biotech dream". Lansing State Journal . Retrieved July 24, 2015.[ dead link ]
  18. 1 2 Nair, Aishwarya (14 December 2021). "UPDATE 2-3M to combine food-safety business with Neogen". Reuters .
  19. ↑ Stebbins, Jack (26 July 2022). "3M will spin off its health-care business into a new public company". CNBC .
  20. ↑ Beene, Ryan (September 1, 2022). "Memo: 3M plans to cut jobs in response to slowing economy". Star Tribune .
  21. ↑ Batt (1999), p. 344
  22. ↑ Raugel (2012), pp. 419-427
  23. ↑ Batt (1999), p. 231
  24. ↑ "Neogen Corporation reuters.com". Reuters.com. Archived from the original on 2011-10-10. Retrieved 2014-03-10.
  25. ↑ "Neogen Corporation marketwatch". Marketwatch.com. Retrieved 2014-03-10.
  26. ↑ "Lansing's Neogen Buys Iowa Insecticide Maker". CBS Detroit . Detroit, Michigan. January 2, 2014. Retrieved August 27, 2016.

Literature cited

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