US Food Safety Stock Increases Market Cap by $160 Million in One Day

NEOGEN Corp. (NASDAQ: NEOG) closed at $9.87 per share—up 5.56%—roughly 13,000 won. Trading volume topped 1.85 million shares, and its market capitalization climbed to about $2.1 billion (≈2.8 trillion won), a gain of roughly $126 million (≈160 billion won) in one day.

Recently, S&P Global Ratings downgraded NEOGEN’s credit rating from BB– to B+, citing deteriorated leverage and profitability following its acquisition of 3M’s food safety business. The company is also facing multiple shareholder class-action lawsuits and securities investigations by law firms over large goodwill impairments tied to the 3M deal, alleged internal control weaknesses, and downward guidance revisions.

Neogen supplies diagnostic and hygiene solutions for food safety and animal health in over 140 countries. In 2022, it pursued aggressive expansion by acquiring 3M’s food safety division. However, rising integration costs and debt burdens led the company in 2025 to sell its cleaners and disinfectants business for about $130 million to repay borrowings, refocusing on its core food and animal safety operations.