Idexx Laboratories Inc. announced Monday that it ispurchasing the assets of VetTest, which manufacturesbiochemical monitoring tests for the animal health care market,for about $20 million in cash and stock.
Under a letter of intent signed by Idexx of Portland, Maine,VetTest will receive $10 million in cash and notes, and about350,000 shares of common stock. VetTest would be entitled toan additional 150,000 shares in stock and warrants as paymentcontingent on certain performance measures.
The stock (NASDAQ:IDXX) closed at $28.50, down 50 cents, onMonday.
VetTest S.A., a privately held Swiss company, includes amongits products an instrument that can run 12 tests at a time andalso has tests that can monitor 20 different indices of organfunction and metabolic balance.
Idexx develops and sells biotechnology-based detectionsystems, primarily for animal health and food qualityassurance applications.
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