(RTTNews) - Neogen Corporation (NEOG), a food safety solutions provider, Monday announced that it has agreed to sell its genomics business to Zoetis Inc., an animal health company, for $160 million.
The transaction is expected to close by the end of the first half of the firm's 2027 fiscal year.
As per the company, this is a planned divestiture to simplify the business and focus on core strategic markets.
The net proceeds from this deal are expected to be used primarily for debt reduction.
The Genomics business generated approximately $90 million in sales during fiscal year 2025, the food safety firm said in a statement.
In pre-market activity, NEOG shares were trading at $11.20, down 0.27% on the Nasdaq.
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