IDEXX files voluntary dismissal in Vets First Choice lawsuitMay 2, 2019IDEXX Laboratories has dropped a lawsuit against two of its former staff members and Vets First Choice after alleging the employees took confidential material to their new employer. In a joint statement, Covetrus and IDEXX say they agreed to resolve the matter to an amicable resolution. The lawsuit was dismissed with prejudice. (Covetrus is the newly formed company after Vets First Choice merged with Henry Schein.) Last August, IDEXX announced it was taking two former employees and Vets First Choice to court. The lawsuit stated Dan Leach and Agostino Scicchitano did not reveal they resigned from IDEXX to gain employment with Vets First Choice and engaged in alleged "actual and/or threatened misappropriation of trade secrets." Further, it claimed the two employees took private information from company computers when they moved to their new employer. In the statement, Covetrus and IDEXX acknowledge "their respective obligations to their customers and employees to take appropriate measures to safeguard and ensure proper handling of confidential information." IDEXX was seeking unspecified monetary damages, punitive damages, and legal fees. The company's lawyers were also asking for an injunction to block the defendants' "actual or threatened disclosure or utilization of IDEXX's trade secrets."
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Covetrus launches as newly formed companyFebruary 8, 2019Henry Schein Animal Health and Vets First Choice, two unique and complementary businesses in the animal-health industry, have combined to form Covetrus. Under the newly formed company, Covetrus says it will provide veterinary practices with a more comprehensive set of integrated services and technology solutions, tools to strengthen client relationships and growth, and improved workflow and cost-effectiveness through efficient delivery of next-generation solutions. The new company will trade under the NASDAQ stock market under the symbol CVET. "[This] marks an important new chapter in the world of veterinary medicine, as we launch Covetrus as a new company listed on NASDAQ," says Benjamin Shaw, president and chief executive officer. "We look forward to strengthening our customer relationships and expanding our veterinary practice partnerships worldwide, as we bring more comprehensive and powerful solutions to market to meet their evolving needs and improve health and financial outcomes." As part of the spin-off, Henry Schein received approximately $1.1 billion in what is expected to be tax-free proceeds that will be used to pay debt.
IDEXX Laboratories sues former employees, Vets First ChoiceAugust 8, 2018IDEXX Laboratories, a veterinary diagnostic testing and product manufacturer, is taking two former employees and Vets First Choice, a prescription management company, to court. The company's lawsuit, filed Aug. 3 in U.S. District Court, states that Dan Leach and Agostino Scicchitano did not reveal they resigned from IDEXX to gain employment with Vets First Choice and engaged in alleged "actual and/or threatened misappropriation of trade secrets." The lawsuit claims the pair took confidential materials from company computers when they moved to their new employer. This takes on significance several reasons, not least of all the announcement in April by Vets First Choice and Henry Schein Inc. that Henry Schein would merge its animal health business with Vets First Choice to create Vets First Corp., an independent publicly traded company. A recent analysis by Zack's Investment Research of IDEXX concluded that while IDEXX had been outperforming in its industry, Henry Schein's spin off of its animal health business poses a threat to the company. Since 2017, seven other IDEXX employees had been hired by Vets First Choice, the lawsuit states. "As a result of the aggressive hiring practices that Vets First Choice was utilizing, …
Henry Schein to spin off animal health businessApril 23, 2018Henry Schein Inc. announced today that it will spin off its $3.5 billion animal health supplies business, Henry Schein Animal Health (HSAH), and combine it with Vets First Choice. The new publicly traded company, Vets First Corp., will be headquartered in Portland, Maine, where Vets First Choice is located currently. The deal combines Henry Schein's veterinary supplies, software for practices and distribution network with Vets First Choice's prescription management platform. Ben Shaw, founder and CEO of Vets First Choice, will become chairman of the board and CEO of the new company. Stanley Bergman, chairman of the board and CEO of Henry Schein, will be a Vets First Choice board member and continue in his role as CEO and chairman of Henry Schein. Karen Prange, executive vice president of Henry Schein Inc. and CEO of the global animal health, medical and dental surgical group, will leave the company. Henry Schein will nominate six directors to the Vets First Corp. board; Vets First Choice will nominate five. Vets First Choice, founded in 2010, has approximately 750 U.S. team members and more than 5,100 veterinary practices use its prescription management platform. HSAH has …
Vets First Choice secures funding, acquires two pharmacy companiesAugust 14, 2017E-commerce service provider Vets First Choice recently received $223 million to invest in growth and global prescription management, and promptly checked off both boxes when it purchased Arizona-based Roadrunner Pharmacy and Atlas Pharmaceuticals.
