Bray-based Megazyme acquired by Nasdaq-listed Neogen

Megazyme, a major supplier of analytical solutions used by quality control laboratories in the global food and beverage industries, has been acquired by Nasdaq-listed Neogen.

No financial details of the transaction have been disclosed. Following completion of the deal, Megazyme will continue to operate as a standalone business, and will be managed through Neogen's European operations in Scotland.

Megazyme was founded in 1988 in Sydney, Australia but has been based in Bray, Co Wicklow since 1996. The company, a former Irish Times innovation award winner, is focused on the development of test kits and reagents for use in analytical and research laboratories. It employs more than 50 people locally.

The company originally focused on developing diagnostic methods to measure the carbohydrates and enzymes in grain and cereal products. Its analytics kits are now used in the food, drinks and biofuel sectors. Customers include Carlsberg and Kerry Group.

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"After more than 30 years of building Megazyme to a leading food diagnostics company, I'm very pleased to see the company becoming a part of Neogen's comprehensive solution for food security and quality," said Dr Barry McCleary, the company's co-founder and chief executive.

Michigan-headquartered Neogen said the addition of Megazyme would “strengthen its relationship with the largest food producers”.

"The integration of the Megazyme product line into Neogen's traditional food safety products will allow us to expand our commercial relationships across food companies and ensure not only safe food, but the highest quality and nutritional content," said Dr Jason Lilly, Neogen's vice president of international business.

Founded in Lansing in 1982, Neogen is a global animal and food safety company with offices in 12 countries. The company reported revenues of $414.2 million (€337.5 million) for 2019, up from $397.9 million a year earlier.