Uni sells start-up to US giant

It has begun selling shareholdings of Massey Ventures Ltd, the university’s research commercialisation arm.

The NZVP buyer is IDEXX Laboratories NZ, a subsidiary of IDEXX Laboratories Inc, Maine,
US. It makes pet healthcare products, diagnostic tests and information for livestock and poultry, and quality and safety tests for water and milk.

NZVP will now be called the NZ Veterinary Pathology Division of IDEXX Labs. The sale price has not been disclosed.

NZVP was incorporated in 2004 by Brian Linehan, Angus Black, Massey Ventures Ltd and Vet Service Trading Ltd. It started with labs in Hamilton and Palmerston North, later opening a lab at the Auckland Zoo.

Massey Ventures (previously Massey Holdings Ltd) has traded since 2003. Its lab on the university’s Manawatu campus has worked with the Institute of Veterinary, Animal and Biomedical Sciences.

Massey University assistant vice-chancellor professor Brigid Heywood says “many positives” arise from the agreement, and will “open up other opportunities which will benefit from IDEXX Laboratories’ scale and global reach and Massey’s teaching and research strengths”.

Massey Ventures board chair Terry Allen refers to “an exciting landmark event in the development of commercially successful spin-outs from a leading New Zealand university”.

Chief executive Mark Cleaver says the “transaction shows we can grow successful companies and create value for the university. Like any venture business it must take a long-term view, and 10 years is a typical timeframe before [it makes any money].”

Massey Ventures holds equity in ten companies.