IDEXX Buys RADIL and Creates More Opportunity
COLUMBIA - The University of Missouri Veterinary School announced Monday, it's Research Animal Diagnostics Laboratory program was bought by the international diagnostic and technology company IDEXX for $43 million. Dean of UM's Veterinary School, Dr. Neil Olson said the sale was in the interests of both parties.
Olson said the sale happened at an opportunistic time for the school to sell RADIL in order to get maximum return on the business. RADIL was started by a faculty member of the School of Veterinary Medicine in 1968 and has grown steadily, with a rapid growth period in the last 10 years. Olson said IDEXX will give RADIL a chance to grow in the private sphere, where it had outgrown success in the public sphere.
Olson said the Fee for Service operation, which provides laboratory diagnostics, testing for research animals, and health monitoring, is the specific part of the program that will be handed off to IDEXX. Olson said many of the other functions of RADIL will still be under the jurisdiction of the university, such as training laboratory animal veterinarians.
IDEXX representative Betsy Richards said RADIL's goals align with those of IDEXX. Richards said about 84 percent of IDEXX business is allocated to veterinary diagnostics and technology research, which will continue at RADIL.
Richards also said no jobs at RADIL will be lost. She said it's too early to tell for sure, but jobs could be created in the area, and there is an opportunity for career advancement within the company. Richards said there will be no changes to the administration or functions of RADIL other than the integration of IDEXX procedures, and its headquarters will remain in Columbia. In the next year, Richards said, IDEXX hopes to expand RADIL into some of its other 60 locations around the world.
Olson said he is meeting with Chancellor Deaton later this week to decide how the $43 million will be divided between the Veterinary School and the University.