Neogen
| Company type | Public |
|---|---|
| Nasdaq: NEOG | |
| Industry | Healthcare, food safety, animal safety, genomics |
| Founded | 1982[1] |
| Headquarters | Lansing, Michigan, |
Area served | Worldwide |
| Revenue | $321.275 million (2016)[2] |
| $56.386 million (2016)[2] | |
| $36.564 million (2016)[2] | |
Number of employees | >1200[3] |
| Divisions | Neogen Food Tech Neogen Biologies Ideal Instruments, Inc. |
| Subsidiaries | Neogen Europe, Ltd. Neogen do Brasil Neogen Latinoamérica Neogen China |
| Website | http://www.neogen.com |
Neogen Corp. (Nasdaq: NEOG) 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,[4] United States, the United Kingdom,[5] parts of Europe,[6] Mexico[7] and Brazil,[8] India,[9] and China,[10] among others. As of 2016, the company has a market capitalization of $1.83 billion[11] with an enterprise value of $1.57 billion.[12] 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.[13] In 2009, it became a vendor of Chinese government and has been engaged in research China-specific food safety and plant health issues.[14]
History
The company was founded by Herbert D. "Ted" Doan and James L. Herbert in 1981 as an investment project by Michigan State University. Due to the $50,000 investment by the university, Michigan State retained 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.[15] One of the earliest acquisitions for the company was Ideal Instruments Inc. in 1985 in order to utilize their production of veterinary tools.[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]
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,[18] along with Agri-Screen and Veratox for a range of mycotoxin detections.[19] Advancements in hydrophobic grid membrane filter (HGMF) technology led Neogen to the creation of a disposable filter in 2004 called NEO-GRID.[20]
Organization
The company operates its business through two segments including Food Safety and Animal Safety. The Food Safety segment provides diagnostic kits test 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 global veterinary market.[21] The latter segment also produces medicine to control animal disease and rodents in wide industries including agricultural, food production.[22] In 2013, the company acquired Chem-Tech Ltd, which used to by wholly owned by Pat and Kelle Rolfes.[23]
References
- ^ a b 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.
- ^ a b c Quinlan, Steven J. (July 19, 2016). "Neogen reports record revenues and earnings" (PDF). Neogen.com. Neogen. Retrieved August 26, 2016.
- ^ "Neogen Corporation's (NEOG) CEO Jim Herbert on Q1 2016 Results - Earnings Call Transcript". Seeking Alpha. September 21, 2015. Retrieved August 27, 2016.
- ^ Harvey, Joseph (October 20, 2015). "Neogen adds Canadian genomics division". Animal Pharm. Informa. Retrieved August 27, 2016.
- ^ Alusheff, Alexander (August 27, 2015). "Neogen acquires UK-based firm Lab M". Lansing State Journal. Retrieved August 27, 2016.
- ^ "Certification opens up market opportunities - Neogen". Food Quality News. June 6, 2013. Retrieved August 27, 2016.
- ^ 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.
- ^ "Neogen Acquires Brazilian Animal Genomics Company". Veterinary Week. May 9, 2016. Retrieved August 27, 2016.
- ^ "Neogen acquires Kerala-based food safety company". Business Standard. June 2, 2015. Retrieved August 27, 2016.
- ^ "Neogen Acquires Assets of Chinese Distributor Anapure". Food Safety Magazine. December 8, 2014. Retrieved August 27, 2016.
- ^ "Neogen Corporation (NASDAQ:NEOG) Market Cap Reaches 1.83B". Vanguard Tribune. February 23, 2016. Retrieved August 27, 2016.
- ^ "Neogen Corporation: Key Statistics - Yahoo! Finance". Finance.yahoo.com. Retrieved 2014-03-09.
- ^ "Neogen Corporation: NASDAQ". Secfilings.nasdaq.com. Retrieved 2014-03-10.
- ^ "Neogen partners with Chinese government". Neogen.com. February 9, 2006. Retrieved 2014-03-10.
- ^ Kenney (1988), pp. 83-84
- ^ New Alliances and Partnerships in American Science and Engineering. National Academies Press. 1986. pp. 114–115. Retrieved July 24, 2015.
- ^ VanHulle, Lindsay (April 7, 2012). "Neogen CEO Herbert builds on biotech dream". Lansing State Journal. Retrieved July 24, 2015.
- ^ Batt (1999), p. 344
- ^ Raugel (2012), pp. 419-427
- ^ Batt (1999), p. 231
- ^ "Neogen Corporation reuters.com". Reuters.com. Retrieved 2014-03-10.
- ^ "Neogen Corporation marketwatch". Marketwatch.com. Retrieved 2014-03-10.
- ^ "Lansing's Neogen Buys Iowa Insecticide Maker". CBS Detroit. Detroit, Michigan. January 2, 2014. Retrieved August 27, 2016.
Literature cited
- Batt, Carl A. (September 28, 1999). Encyclopedia of Food Microbiology. Waltham, Massachusetts: Academic Press. ISBN 9780123847331. Retrieved July 27, 2015.
- Kenney, Martin (July 1, 1988). Biotechnology: The University-industrial Complex. Yale University Press. ISBN 9780300042092. Retrieved July 24, 2015.
- Raugel, Pierre-Jean (December 6, 2012). Rapid Food Analysis and Hygiene Monitoring: Kits, Instruments and Systems. Berlin, Germany: Springer Science & Business Media. ISBN 9783642583629. Retrieved July 27, 2015.