Eurofins Scientific
Eurofins is a French group of laboratories headquartered in Luxembourg, providing testing and support services to the pharmaceutical, food, environmental, agriscience and consumer products industries and to governments. Eurofins Group has an international network of more than 900 laboratories across 50 countries and a portfolio of over 200,000 validated analytical methods for characterising the safety, identity, purity, composition, authenticity and origin of products and biological substances. Eurofins also provides clinical diagnostic testing services and in-vitro diagnostic products. Through research and development, in-licensing and acquisitions, the Group draws on the latest developments in the field of biotechnology  and analytical sciences. History. Eurofins Scientific was founded in 1987 with 4 employees, when Gilles Martin purchased the rights to the SNIF-NMR technology from the University of Nantes, a patented analytical method used to verify the origin and purity of several types of food and beverages and identify sophisticated fraud not detectable by other methods. Eurofins derived the "fins" of its name from the French version of SNIF-NMR: Fractionnement Isotopique Naturel Spécifique par Résonance Magnétique Nucléaire or FINS-RMN. During this start up period (1987 to 1997), the SNIF-NMR® patent was registered and approved in the  US and broadened to apply to a wider range of products than the original wine test, such as fruit juices and other non-alcoholic beverages. The strategy was then formulated to develop the offering in-house and to expand the range of tests provided to customers. From 1997, the focus for Eurofins was to buy the very best labs with unique technologies and knowhow with the potential for global recognition. As the company's revenues reached €7m, Eurofins’ IPO on the Paris Stock Exchange helped fund the company's rapid geographic expansion. The Group expanded to eight new  countries and grew to include over 50 laboratory sites. Leading positions were built up in core markets (Food, Pharma and Environment) and also key segments such as genomic information and contaminants testing. In 2001, Eurofins TAG was developed in response to the mad cow disease (BSE) crisis, allowing, for the very first time, genetic fingerprints to be used to confirm that each package of meat in a supermarket originated from an animal that had been tested free of BSE. From 2002, Eurofins started developing its infrastructure. It structured its laboratories as independent, entrepreneur-led companies, which grew to lead the  industry globally in R&D, testing, nurturing scientific talent, and funding research. Having established the building blocks to support the growth of the Group, focus turned to starting up and expanding operations in new markets and geographies, including China, Sweden, Norway and Ireland, between 2005 - 2008. Eurofins was the very first international laboratory group to offer bird flu virus (H5N1) testing in food in 2005. Later developments included the Animal ID DNA Test – quickly developed and launched by Eurofins in the wake of the horsemeat crisis in 2013, making Eurofins the first company able to verify at high throughput the absence  of undeclared horsemeat in a wide range of food products. In 2012, the Group celebrated 25 years since its IPO and this milestone coincided with achieving its ambition of becoming a billion-euro annual revenue business. In the same year, Eurofins became the global market leader in discovery pharmacology, a global leader in the Japanese genomics testing market, and in the food testing market in Brazil. In 2013, Eurofins became the second largest food testing service provider in the U.S.A. The Group entered the specialty clinical diagnostics market for the first time in July 2014 with the acquisition of ViraCor -IBT, one of the largest independent laboratories servicing the specialty diagnostic market segment and the leader in testing to support organ transplant programmes. Eurofins completed c. 60 acquisitions in 2017 and c. 50 acquisitions in 2018. This growth enabled Eurofins to become a EUR 4bn company. At the same time, Eurofins became the market leader in food and environment testing in North America. In September 2021, Eurofins announced that Eurofins Scientific would be included in the CAC 40 Index; the Group's market capitalisation stood at more than €23.5 billion. Based in September 2021 share prices this would put  Eurofins in the 29th position in the CAC 40 index ranked by market capitalisation. Recent news. On 1 July 2014, Eurofins purchased Viracor-IBT Laboratories from Ampersand Capital Partners for $255 million. The company will continue to be known as ViraCor-IBT. In May 2015, Eurofins acquired QC Laboratories in the US and Experchems in Canada as part of its North American expansion strategy. In June 2015, Eurofins announced the acquisition of Biomnis in France for 220 million euros. In September 2017, Eurofins Scientific announced to acquire EAG Laboratories (Evans Analytical Group), a scientific services company that serves technology  and life-science-related industries. On 5 March 2018, the Pennsylvania Department of Environmental Protection announced to collect a $600,000 penalty from Eurofins QC, LLC (Eurofins QC in Montgomery County, Pennsylvania) for falsifying whole effluent toxicity test (WETT) results. Eurofins purchased Nanolab Technologies Inc, a service lab for the silicon valley industry, on 2 August 2018. Eurofins acquired MET Labs on 11 January 2018, which enabled them to have a Nationally Recognized Test Laboratory as established by OHSA. At the end of 2018, a deal was finalized between Eurofins and the JSTI Group for the acquisition of TestAmerica Environmental  Services, LLC, adding 24 laboratories and 40 service centers to the Eurofins environmental testing network. On 3 June 2019, Eurofins reported that some of its IT systems were infected with ransomware and many servers and systems were taken offline. Eurofins paid the ransom after heavy disruption of their services. Court hearings were postponed as the forensics division was unable to take new samples. In 2020, Eurofins created the capacity to help over 20 million patients monthly who may have been impacted by COVID-19 with testing products and services and supporting healthcare professionals working on the front line. Eurofins established PCR  testing capabilities and has carried out over 25 million tests in its own laboratories, is supporting the development of a number of vaccines and has established its SAFER@WORK™ testing, monitoring and consulting programmes. Eurofins acquired Japanese genetics analysis company GeneTech, a leader in the specialist field of non-invasive pre-natal testing in August 2020. In September 2020, Eurofins announced the acquisition of SunDream Group in Taiwan, which specialises in environmental analyses. The acquisition allowed Eurofins to become the leading player in the environmental analyst market in the country. In February 2021, Eurofins acquired Beacon Discovery, a California-based  company specialising in drug research. The group focuses on “G protein coupled receptors,” a major class of proteins in human cells, on which many molecules can act. Eurofins announced the acquisition of the American DNA Diagnostics Centers (DDC), a group specializing in genetic testing, in June 2021. Product authentication. The company has developed an exclusive method of food analysis, testing and authentication that has thwarted the counterfeiting of food goods, and also cigars. The company's testing can also detect food contaminants.