LOVELAND, Colo., Sept. 9, 2021 /PRNewswire/ -- Heska Corporation (NASDAQ: HSKA - News; "Heska" or the "Company"), a leading global provider of advanced veterinary diagnostic and specialty products, announced today that the Company has acquired majority ownership of Biotech Laboratories U.S.A. LLC ("Biotech"), an leading developer of rapid assay diagnostics testing, from Biotech Holdings U.S.A. LLC ("Acquisition").
Founded in 2016 and headquartered in Rockville, Maryland, Biotech develops a full line of rapid point-of-care tests to detect antigens and antibodies associated with infectious and parasitic diseases of animals. Biotech is led by a team of scientists and industry experts with over 100 collective years of disease diagnostic research, development and operations. Biotech lateral flow tests are fast, accurate, and convenient; the products boast excellent specificity, sensitivity, and consistency, as well as mobile reader, extended shelf life, and easy storage capabilities. With a steadfast commitment to innovation and clinical research and development, Biotech aims to support healthier animals by providing high-quality diagnostic solutions to veterinarians, livestock producers, and pet owners worldwide.
"With today's acquisition of Biotech, we make a big step forward in our Heska-owned global products line and intellectual property portfolio," commented Heska's Chief Executive Officer and President, Kevin Wilson. "We have been working for years to enter the market with a full-line of top quality, single-use rapid assay diagnostics. We estimate the total addressable global market to be approximately $500 million and growing nicely in the geographies we now cover. We intend to strongly compete for this market over time by expanding our product portfolio to offer these important tests to our thousands of point of care diagnostics subscribers around the globe. With Biotech's highly coveted pipeline, team, technology, regulatory path, and manufacturing expertise now part of Heska, we are now prepared to take our final steps to launch into this important segment in the first half of 2022."
The Acquisition closed September 1, 2021 upon satisfaction of closing conditions.
About Heska Heska Corporation (NASDAQ: HSKA) manufactures, develops and sells advanced veterinary diagnostic and specialty healthcare products through its two business segments: North America and International. Both segments include Point of Care Lab testing instruments and consumables, digital imaging products, software and services, data services, allergy testing and immunotherapy, and single-use offerings such as in-clinic diagnostic tests and heartworm preventive products. The North America segment also includes private label vaccine and pharmaceutical production under third-party agreements and channels, primarily for herd animal health. For more information, please visit www.heska.com.
Forward-Looking Statements This news release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. All of the statements in this document, other than historical facts, are forward-looking statements and are based on a number of assumptions that could ultimately prove inaccurate and cause actual results to materially deviate from forward-looking statements. Forward-looking statements in this document include, among other things, statements with respect to future financial and operating results and strategic goals, and the anticipated benefits of the Acquisition. Such statements are subject to risks and uncertainties, including, but not limited to, uncertainties related to the ability to achieve the anticipated benefits of the Acquisition; uncertainties related to any product's ability to perform and be recognized as anticipated, in particular when such product is under development; uncertainties related to Heska's ability to sell and market its products in an economically sustainable fashion, including related to varying customs, cultures, languages and sales cycles and uncertainties with foreign political and economic climates; and the Company's ability to integrate the acquired Biotech business within its existing operations; and new product development and release schedules. Other factors that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements are set forth under "Risk Factors" in the Company's most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q.