Massey Ventures sells off stake in spinout NZVP as first of several expected sales.
Massey University’s tech transfer office (TTO) Massey Ventures has sold off its 35% stake in spinout New Zealand Veterinary Pathology (NZVP) for an undisclosed sum, which the TTO has said will be the first in several expected sales.
Massey is selling the firm to IDEXX Laboratories, and the spinout will be renamed as the New Zealand Veterinary Pathology Division for IDEXX Labs.
The TTO now has several positions over a decade old, such as its prior position in NZVP which it had held since the spinout was incorporated in 2004.
Mark Cleaver, Massey Ventures’ CEO, said: “The outcome of this transaction shows that we can grow successful companies and create value for the University, and that we have achieved that in a timeframe that is consistent with industry expectations. Like any venture business it must take a long-term view, and 10 years is a typical timeframe before financial benefits are likely to be evident.”
