Neogen Plans To Acquire U.S. Rights And Related Assets To Elanco's StandGuard Insecticide
Lansing, MI - Neogen Corporation (NASDAQ: NEOG) announced today that, in line with yesterday's Federal Trade Commission (FTC) press release, it plans to acquire the U.S. (including territories) rights to Elanco's StandGuard Pour-on for horn fly and lice control in beef cattle, and related assets. Closing remains subject to a final FTC consent decree for closing of Elanco's acquisition of Bayer AG's global animal health business.
StandGuard Pour-on is one of the leading products in the domestic beef cattle insecticide market, and represents an exceptional fit in Neogen's existing agricultural insecticide portfolio and organizational capabilities. Neogen entered the agricultural insecticide market with its 2014 acquisition of Chem-Tech.
"Elanco's divestiture of its StandGuard product is an unexpected opportunity that we could not pass on," said John Adent, Neogen's president and chief executive officer. "The product is a true bolt-on to complement our existing agricultural biosecurity infrastructure. This acquisition will provide Neogen immediate sales opportunities post-closing, along with both new registrations and access to the gamma-cyhalothrin active."
Neogen's 2014 acquisition of Chem-Tech brought the company Prozap, an insecticide brand that is well known in the large animal production industry, and is particularly popular with dairy and equine producers, and an extensive manufacturing and distribution facility in Pleasantville, Iowa.
Terms of the agreement were not disclosed.
Source: Neogen Corporation news release