An Australian regulatory watchdog has raised significant competition concerns over a proposed $160 million buyout in the agricultural and animal health sector.
ACCC Investigates Animal Genomics Buyout
The ACCC recently determined that the planned acquisition of the global animal genomic testing business belonging to Neogen Corporation (NASDAQ:NEOG) by Zoetis Inc. (NYSE:ZTS) could substantially diminish market competition.
Consequently, the regulatory body has decided that the transaction requires a thorough Phase 2 assessment before it can proceed.
Both companies currently serve as major providers of genomic testing services tailored for dairy cattle, beef cattle, and sheep within the Australian market.
