Idexx Laboratories acquires University of Missouri lab business

Idexx Laboratories has announced the acquisition of the University of Missouri college of veterinary medicine's research and diagnostic laboratory (RADIL) business.

The $43 million (27 million pounds) cash transaction will provide Idexx with access to new health monitoring capabilities and diagnostic testing services for clients in the bioresearch sector.

RADIL offers diagnostic functions such as serology, pathology, molecular diagnostics, microbiology and parasitology, with internal expansion of its capabilities now planned under Idexx's global infrastructure.

All of the laboratory business' current employees will retain their positions and will continue to be based in the Columbia area.

Jonathan Ayers, chairman and chief executive officer of Idexx Laboratories, said: "The bioresearch market is an excellent strategic fit for Idexx, allowing us to leverage our expertise in veterinary diagnostics, as well as our integrated offering of reference laboratory and in-clinic testing solutions."

Last month, the company published its third quarter financial results for 2011, reporting revenue growth of 12 percent to a total of $301 million.