Neogen

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,[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]

Neogen Corporation
Public
Traded asNASDAQ: NEOG
S&P 600 Component
IndustryHealthcare, food safety, animal safety, genomics
Founded1982[1]
HeadquartersLansing, Michigan,
United States
Area served
Worldwide
Revenue$321.275 million (2016)[2]
$56.386 million (2016)[2]
$36.564 million (2016)[2]
Number of employees
>1600
DivisionsNeogen Food Safety
Neogen Animal Safety
Neogen Genomics
Neogen Life Sciences
Neogen Toxicology
SubsidiariesNeogen Europe, Ltd.
Neogen do Brasil
Neogen Latinoamérica
Neogen China
Neogen Australasia
Neogen India
Websitehttp://www.neogen.com

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.[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 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.[16]

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,[17] along with Agri-Screen and Veratox for a range of mycotoxin detections.[18] Advancements in hydrophobic grid membrane filter (HGMF) technology led Neogen to the creation of a disposable filter in 2004 called NEO-GRID.[19]

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.[20] The latter segment also produces medicine to control animal disease and rodents in wide industries including agricultural, food production.[21] In 2013, the company acquired Chem-Tech Ltd, which used to by wholly owned by Pat and Kelle Rolfes.[22]

References
  1. 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. Quinlan, Steven J. (July 19, 2016). "Neogen reports record revenues and earnings" (PDF). Neogen.com. Neogen. Retrieved August 26, 2016.
  3. Harvey, Joseph (October 20, 2015). "Neogen adds Canadian genomics division". Animal Pharm. Informa. Retrieved August 27, 2016.
  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. VanHulle, Lindsay (April 7, 2012). "Neogen CEO Herbert builds on biotech dream". Lansing State Journal. Retrieved July 24, 2015.
  17. Batt (1999), p. 344
  18. Raugel (2012), pp. 419-427
  19. Batt (1999), p. 231
  20. "Neogen Corporation reuters.com". Reuters.com. Retrieved 2014-03-10.
  21. "Neogen Corporation marketwatch". Marketwatch.com. Retrieved 2014-03-10.
  22. "Lansing's Neogen Buys Iowa Insecticide Maker". CBS Detroit. Detroit, Michigan. January 2, 2014. Retrieved August 27, 2016.

Literature cited
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